. Low Income Apartments For Rent in Falcon, Mississippi - Affordable Housing Online

Fannie Smith Estates

Nerils St
Falcon, Mississippi
Rent Assisted

Fannie Smith Est CO United Mgmt and De

Falcon-Ballentine Rd
Falcon, Mississippi
Rent Assisted
S. 515 Rural
Showing Results 1-15
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There are 20 low-income apartments in Falcon that offer reduced rents to eligible households.

Rental assistance programs support 20 low-income homes in Falcon where households pay rent based on how much they earn.

Affordable rent data for some communities last confirmed on October 30th, 2019. Subdsidized rents typically change once a year based on federal guidance.

Falcon, Mississippi Affordable Housing Data

Income Based Apartments in Falcon, Mississippi

Falcon features 20 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 Falcon, Mississippi

There are 20 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Falcon.

Housing Choice Vouchers in Falcon, Mississippi

On average, Section 8 Housing Choice vouchers pay Falcon landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Falcon.

The maximum amount a voucher would pay on behalf of a low-income tenant in Falcon, Mississippi for a two-bedroom apartment is between $689 and $843.

2023 Falcon, Mississippi 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
Falcon, Mississippi Fair Market Rent $578 $582 $766 $944 $1,305
Falcon, Mississippi Payment Standard Range $520 to $636 $524 to $640 $689 to $843 $850 to $1,038 $1,175 to $1,436

Sourced from federal housing data and AffordableHousingOnline.com research.

Falcon, MS Affordable Housing Snapshot

Total Affordable Apartment Properties 2
Total Low Income Apartments 40
Total Housing Units with Rental Assistance 20
Percentage of Housing Units Occupied By Renters 37.68%
Average Renter Household Size 2.62
Average Household Size 2.78
Median Household Income $26,042 ±$13,175
Median Rent $342 ±$114
Percentage Of Renters Overburdened 3.85% ± 80.28pp
Total Population 192

Population and Household Demographics

Falcon is a city in Quitman County, Mississippi with a population of 192. There are 69 households in the city with an average household size of 2.78 persons. 37.68% of households in Falcon are renters.

Income and Rent Overburden in Falcon

The median gross income for households in Falcon is $26,042 a year, or $2,170 a month. The median rent for the city is $342 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Falcon, a household making less than $1,140 a month would be considered overburdened when renting an apartment at or above the median rent. 3.85% of households who rent are overburdened in Falcon.

Area Median Income In Falcon

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 Falcon, the AMI is calculated from all households within Quitman County.

In Falcon, HUD calculates the Area Median Income for a family of four as $44,200

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 Falcon

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 Falcon

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% AMI Income Limits
Renters earning up to 30% of the Falcon AMI may qualify for rental assistance programs that target Extremely Low Income households.
$14,580 $19,720 $24,860 $30,000 $33,600 $36,100 $38,600 $41,100
50% AMI Income Limits
Renters earning up to 50% of the Falcon AMI may qualify for rental assistance programs that target Very Low Income households.
$21,800 $24,900 $28,000 $31,100 $33,600 $36,100 $38,600 $41,100
80% AMI Income Limits
Renters earning up to 80% of the Falcon AMI may qualify for rental assistance programs that target Low Income households.
$34,850 $39,800 $44,800 $49,750 $53,750 $57,750 $61,700 $65,700