Low Income Apartments and Affordable Housing For Rent in Stoneham, MA

Discover affordable housing in Stoneham where there are 1+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Mountain View Terrace

100 Mountainview Dr, Stoneham, Massachusetts 02180

Open Until Further Notice

Reported On February 23rd, 2024 by Nathan Brunet

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Stoneham, Massachusetts
$53.54/hour
$38.54 (+257%) more than Massachusetts minimum wage and $46.29 (+639%) more than the Federal minimum wage.
Learn More About Stoneham, Massachusetts Affordable Housing ↓

What HUD offices serve Stoneham, Massachusetts?

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Operates the Section 8 Housing Choice Voucher (HCV), Moving to Work programs for Stoneham, Massachusetts.

Go to the Massachusetts Public Housing and Low-Income Apartments Waiting Lists page for openings near Stoneham.

How many renters live in Stoneham, Massachusetts?

The City of Stoneham has 22,992 people living in 9,654 households.

There are 5,766 renters living in 3,107 renter households in this City. Renters make up 25.08 percent of the population living in Stoneham.

What is the rental market like in Stoneham, Massachusetts?

There are an estimated 9,904 housing units in the Stoneham area. Of these, 3,286 units are rental homes, making up 33 percent of the housing market. For every renter household in Stoneham, Massachusetts, there are 1 rental units.

What is the vacancy rate for rentals in Stoneham?

The rental vacancy rate in Stoneham is 5 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

How many rental units are in Stoneham for each bedroom size?

Occupied Rental Units by Size in Stoneham
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
173 1,069 1,432 382 51
Occupied Rental Units by Size in Stoneham

A large number of apartments in Stoneham have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Stoneham are overburdened by housing costs?

Among renter households in this market, 40 percent have housing cost burden. Further, 23 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Stoneham

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $2,212 to $3,765. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $2,212
One BR $2,377
Two BR $2,827
Three BR $3,418
Four BR $3,765
2024 Fair Market Rents in Stoneham, Massachusetts

How many units are rented at Fair Market Rent (FMR) in Stoneham?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
Studio 113 65 percent
One BR 424 40 percent
Two BR 203 14 percent
Rental Units Below FMR in Stoneham, Massachusetts

How many affordable rental units are in Stoneham?

There are a variety of federal affordable housing programs serving households in Stoneham, Massachusetts including the following:

Federal Program Unit Count
Section 8 Project-Based Rental Assistance 194
Tracked Units by Federal Program in Stoneham, Massachusetts

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Stoneham, Massachusetts

Stoneham features 194 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 Stoneham, Massachusetts

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Stoneham.

Housing Choice Vouchers in Stoneham, Massachusetts

On average, Section 8 Housing Choice vouchers pay Stoneham landlords $1,100 per month towards rent. The average voucher holder contributes $500 towards rent in Stoneham.

The maximum amount a voucher would pay on behalf of a low-income tenant in Stoneham, Massachusetts for a two-bedroom apartment is between $2,544 and $3,110.

Sourced from federal housing data and AffordableHousingOnline.com research.