Affordable Housing In Olney
Montgomery County, Maryland

5 Low Income Apartment Communities In Olney

Manor at Fair Hill Farm

18301 Georgia Avenue
Olney, MD
$834-1,487
1-2 BR
Accessible
62+
Accepts Vouchers

Andrew Kim House

2100 Olney-Sandy Spring Road
Olney, MD
$597
1 BR
62+
Subsidized
Accessible
Elderly Supportive Housing

Towne Centre at Olney

3502 Morningwood Dr
Olney, MD

Sandy Spring Meadow

3537 Bantry Way
Olney, MD

Montgomery County

18100 Pond Ridge Ct
Olney, MD
Accepts Vouchers
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Housing Authorities that serve Olney

Housing Authority Programs
Housing Opportunities Commission of Montgomery County Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Olney, Maryland

There are 5 low income housing apartment communities offering 320 affordable apartments for rent in Olney, Maryland.

Income Based Apartments in Olney, Maryland

Olney features 179 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Olney, Maryland

There are 141 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Olney.

Housing Choice Vouchers in Olney, Maryland

On average, Section 8 Housing Choice vouchers pay Olney landlords $1,300 per month towards rent. The average voucher holder contributes $600 towards rent in Olney.

The maximum amount a voucher would pay on behalf of a low-income tenant in Olney, Maryland for a two-bedroom apartment is between $1,536 and $1,878.

2020 Olney, Maryland Fair Market Rents and Housing Choice Voucher Payment Standards

Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.

Studio One BR Two BR Three BR Four BR
Fair Market Rent $1,457 $1,500 $1,707 $2,215 $2,707
Payment Standard Range $1,311 to $1,603 $1,350 to $1,650 $1,536 to $1,878 $1,994 to $2,437 $2,436 to $2,978

Sourced from federal housing data and AffordableHousingOnline.com research.

Olney, MD Affordable Housing Snapshot

Total Affordable Apartment Properties 5
Total Low Income Apartments 320
Total Housing Units with Rental Assistance 179
Percentage of Housing Units Occupied By Renters 9.92%
Average Renter Household Size 2.70
Average Household Size 3.01
Median Household Income $133,121 ±$6,867
Median Rent $1,579 ±$176
Percentage Of Renters Overburdened 43.61% ± 12.54pp
Total Population 35,090

Population and Household Demographics

Olney is a City in Montgomery County, Maryland with a population of 35,090. There are 11,598 households in the city with an average household size of 3.01 persons. 9.92% of households in Olney are renters.

Income and Rent Overburden in Olney

The median gross income for households in Olney is $133,121 a year, or $11,093 a month. The median rent for the city is $1,579 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Olney, a household making less than $5,263 a month would be considered overburdened when renting an apartment at or above the median rent. 43.61% of households who rent are overburdened in Olney.1

Area Median Income In Olney

Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.

HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Olney, the AMI is calculated from all households within Montgomery County.

In Olney, HUD calculates the Area Median Income for a family of four as $121,300

Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.

Rental Assistance in Olney

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.

Income Qualifications for HUD Rental Assistance in Olney

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $25,500 $29,150 $32,800 $36,400 $39,350 $42,250 $45,150 $48,050
50% of Median $42,500 $48,550 $54,600 $60,650 $65,550 $70,400 $75,250 $80,100
80% of Median $54,350 $62,100 $69,850 $77,600 $83,850 $90,050 $96,250 $102,450