Affordable Housing In Silver Spring
57 Low Income Apartment Communities In Silver Spring
Housing Authorities that serve Silver Spring
|Housing Opportunities Commission of Montgomery County||Section 8 Housing Choice Voucher (HCV); Public Housing|
Guide To Affordable Housing in Silver Spring, Maryland
There are 57 low income housing apartment communities offering 6,304 affordable apartments for rent in Silver Spring, Maryland.
Income Based Apartments in Silver Spring, Maryland
Silver Spring features 2,481 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 Silver Spring, Maryland
There are 3,703 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Silver Spring.
Housing Choice Vouchers in Silver Spring, Maryland
On average, Section 8 Housing Choice vouchers pay Silver Spring landlords $1,300 per month towards rent. The average voucher holder contributes $400 towards rent in Silver Spring.
The maximum amount a voucher would pay on behalf of a low-income tenant in Silver Spring, Maryland for a two-bedroom apartment is between $1,536 and $1,878.
2020 Silver Spring, 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.
Silver Spring, MD Affordable Housing Snapshot
|Total Affordable Apartment Properties||57|
|Total Low Income Apartments||6,304|
|Total Housing Units with Rental Assistance||2,481|
|Percentage of Housing Units Occupied By Renters||62.99%|
|Average Renter Household Size||2.35|
|Average Household Size||2.51|
|Median Household Income||$72,887 ±$2,751|
|Median Rent||$1,474 ±$23|
|Percentage Of Renters Overburdened||50.46% ± 3.59pp|
Population and Household Demographics
Silver Spring is a city in Montgomery County, Maryland with a population of 77,460. There are 30,684 households in the city with an average household size of 2.51 persons. 62.99% of households in Silver Spring are renters.
Income and Rent Overburden in Silver Spring
The median gross income for households in Silver Spring is $72,887 a year, or $6,074 a month. The median rent for the city is $1,474 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Silver Spring, a household making less than $4,913 a month would be considered overburdened when renting an apartment at or above the median rent. 50.46% of households who rent are overburdened in Silver Spring.
Area Median Income In Silver Spring
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 Silver Spring, the AMI is calculated from all households within Montgomery County.
In Silver Spring, HUD calculates the Area Median Income for a family of four as $126,000
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 Silver Spring
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 Silver Spring
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$26,500||$30,250||$34,050||$37,800||$40,850||$43,850||$46,900||$49,900|
|50% of Median||$44,100||$50,400||$56,700||$63,000||$68,050||$73,100||$78,150||$83,200|
|80% of Median||$55,750||$63,700||$71,650||$79,600||$86,000||$92,350||$98,750||$105,100|