Affordable Housing In Budd Lake
Morris County, New Jersey

2 Low Income Apartment Communities In Budd Lake

Newbridge Hmc

12 Ringenbach Ln
Budd Lake, NJ
Accessible
Disabled Supportive Housing
Subsidized

Community Hope IIi Consumer Ho

1 Locust St
Budd Lake, NJ
Accessible
Disabled Supportive Housing
Subsidized
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Housing Authorities that serve Budd Lake

Housing Authority Programs
Morris County Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing
State of New Jersey Department of Community Affairs Section 8 Housing Choice Voucher (HCV)
Housing Authority Town of Dover Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Budd Lake, New Jersey

According to federal housing data and AffordableHousingOnline.com research, there are 2 low income housing apartment communities offering 8 affordable apartments for rent in Budd Lake, New Jersey. Budd Lake features 8 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 0 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Budd Lake.

Budd Lake, NJ Affordable Housing Snapshot

Total Affordable Apartment Properties 2
Total Low Income Apartments 8
Total Housing Units with Rental Assistance 8
Percentage of Housing Units Occupied By Renters 33.69%
Average Renter Household Size 2.20
Average Household Size 2.63
Median Household Income $90,504 ±$14,903
Median Rent $953 ±$29
Percentage Of Renters Overburdened 38.51% ± 13.88pp
Total Population 8,403

Population and Household Demographics

Budd Lake is a City in Morris County, New Jersey with a population of 8,403. There are 3,191 households in the city with an average household size of 2.63 persons. 33.69% of households in Budd Lake are renters.

Income and Rent Overburden in Budd Lake

The median gross income for households in Budd Lake is $90,504 a year, or $7,542 a month. The median rent for the city is $953 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Budd Lake, a household making less than $3,177 a month would be considered overburdened when renting an apartment at or above the median rent. 38.51% of households who rent are overburdened in Budd Lake.1

Area Median Income In Budd Lake

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 Budd Lake, the AMI is calculated from all households within Morris County.

In Budd Lake, HUD calculates the Area Median Income for a family of four as $100,600

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 Budd Lake

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 Budd Lake HUD Rental Assistance in Budd Lake

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $21,150 $24,200 $27,200 $30,200 $32,650 $35,050 $39,010 $43,430
50% of Median $35,250 $40,250 $45,300 $50,300 $54,350 $58,350 $62,400 $66,400
80% of Median $52,850 $60,400 $67,950 $75,500 $81,550 $87,600 $93,650 $99,700

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Budd Lake

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $35,250 $40,250 $45,300 $50,300 $54,350 $58,350 $62,400 $66,400
60% of Median $42,300 $48,300 $54,360 $60,360 $65,220 $70,020 $74,880 $79,680

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Budd Lake is $54,360 a year, or $4,530 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $4,530 by 30% to get a maximum rent of $1,359 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $881 $944 $1,133 $1,308 $1,459 $1,610
60% $1,058 $1,133 $1,359 $1,570 $1,751 $1,932
Fair Market Rents in Budd Lake

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$1,034 $1,218 $1,483 $1,891 $2,236