Low Income Apartments and Affordable Housing For Rent in Franklin Lakes, NJ

Discover affordable housing in Franklin Lakes 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.

McCoy Place

720 MCCOY RD, Franklin Lakes, New Jersey 7417

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Franklin Lakes, New Jersey
$35.83/hour
$22.10 (+161%) more than New Jersey minimum wage and $28.58 (+394%) more than the Federal minimum wage.
Learn More About Franklin Lakes, New Jersey Affordable Housing ↓

What HUD offices serve Franklin Lakes, New Jersey?

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), Public Housing, Housing Opportunities for Persons with AIDS (HOPWA) programs for Franklin Lakes, New Jersey.
Operates the Section 8 Housing Choice Voucher (HCV) programs for Franklin Lakes, New Jersey.

Go to the New Jersey Public Housing and Low-Income Apartments Waiting Lists page for openings near Franklin Lakes.

How many renters live in Franklin Lakes, New Jersey?

The City of Franklin Lakes has 11,007 people living in 3,767 households.

There are 985 renters living in 451 renter households in this City. Renters make up 8.95 percent of the population living in Franklin Lakes.

What is the rental market like in Franklin Lakes, New Jersey?

There are an estimated 3,876 housing units in the Franklin Lakes area. Of these, 451 units are rental homes, making up 12 percent of the housing market. For every renter household in Franklin Lakes, New Jersey, there are 1 rental units.

What is the vacancy rate for rentals in Franklin Lakes?

The rental vacancy rate in Franklin Lakes is 0 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 Franklin Lakes for each bedroom size?

Occupied Rental Units by Size in Franklin Lakes
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 98 169 122 30
Occupied Rental Units by Size in Franklin Lakes

A large number of apartments in Franklin Lakes 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 Franklin Lakes are overburdened by housing costs?

Among renter households in this market, 47 percent have housing cost burden. Further, 26 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 Franklin Lakes

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,400 to $2,946. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $1,400
One BR $1,645
Two BR $1,892
Three BR $2,342
Four BR $2,946
2024 Fair Market Rents in Franklin Lakes, New Jersey

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

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
One BR 22 22 percent
Two BR 23 14 percent
Rental Units Below FMR in Franklin Lakes, New Jersey

How many affordable rental units are in Franklin Lakes?

There are a variety of federal affordable housing programs serving households in Franklin Lakes, New Jersey including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 40
Section 8 Project-Based Rental Assistance 1
Tracked Units by Federal Program in Franklin Lakes, New Jersey

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

Income Based Apartments in Franklin Lakes, New Jersey

Franklin Lakes features 37 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 Franklin Lakes, New Jersey

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

Housing Choice Vouchers in Franklin Lakes, New Jersey

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Franklin Lakes, New Jersey for a two-bedroom apartment is between $1,703 and $2,081.

Sourced from federal housing data and AffordableHousingOnline.com research.