Affordable Housing In Great Meadows
Guide To Affordable Housing in Great Meadows, New Jersey
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Great Meadows, New Jersey. Great Meadows features 0 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 Great Meadows.
Sourced from federal housing data and AffordableHousingOnline.com research.
Great Meadows, NJ Affordable Housing Snapshot
|Total Affordable Apartment Properties||0|
|Total Low Income Apartments||0|
|Total Housing Units with Rental Assistance||0|
|Percentage of Housing Units Occupied By Renters||17.17%|
|Average Renter Household Size||2.00|
|Average Household Size||3.15|
|Median Household Income||$100,515 ±$73,089|
|Median Rent||$0 ±$0|
|Percentage Of Renters Overburdened||0% ± 141.18pp|
Population and Household Demographics
Great Meadows is a City in Warren County, New Jersey with a population of 316. There are 99 households in the city with an average household size of 3.15 persons. 17.17% of households in Great Meadows are renters.
Income and Rent Overburden in Great Meadows
The median gross income for households in Great Meadows is $100,515 a year, or $8,376 a month. The median rent for the city is $0 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Great Meadows, a household making less than $0 a month would be considered overburdened when renting an apartment at or above the median rent. 0% of households who rent are overburdened in Great Meadows.1
Area Median Income In Great Meadows
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 Great Meadows, the AMI is calculated from all households within Warren County.
In Great Meadows, HUD calculates the Area Median Income for a family of four as $103,400
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 Great Meadows
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 Great Meadows HUD Rental Assistance in Great Meadows
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$21,700||$24,800||$27,900||$31,000||$33,500||$36,000||$39,010||$43,430|
|50% of Median||$36,200||$41,400||$46,550||$51,700||$55,850||$60,000||$64,150||$68,250|
|80% of Median||$52,850||$60,400||$67,950||$75,500||$81,550||$87,600||$93,650||$99,700|
Fair Market Rents in Great Meadows
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|