Low Income Apartments and Affordable Housing For Rent in Hope, NJ

Discover affordable housing in Hope 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.

Echo Housing Demonstration Program

48 Ridgeway Ave, Hope, New Jersey 07823

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Hope, New Jersey
$29.17/hour
$15.44 (+112%) more than New Jersey minimum wage and $21.92 (+302%) more than the Federal minimum wage.
Learn More About Hope, New Jersey Affordable Housing ↓

What HUD offices serve Hope, 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) programs for Hope, New Jersey.
Operates the Section 8 Housing Choice Voucher (HCV) programs for Hope, New Jersey.

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

How many renters live in Hope, New Jersey?

The City of Hope has 219 people living in 98 households.

There are 108 renters living in 44 renter households in this City. Renters make up 49.32 percent of the population living in Hope.

What is the rental market like in Hope, New Jersey?

There are an estimated 110 housing units in the Hope area. Of these, 44 units are rental homes, making up 40 percent of the housing market. For every renter household in Hope, New Jersey, there are 1 rental units.

What is the vacancy rate for rentals in Hope?

The rental vacancy rate in Hope 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 Hope for each bedroom size?

Occupied Rental Units by Size in Hope
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 0 0 44 0
Occupied Rental Units by Size in Hope

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

Among renter households in this market, 0 percent have housing cost burden. Further, 0 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 Hope

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,171 to $2,278. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $1,171
One BR $1,277
Two BR $1,540
Three BR $1,950
Four BR $2,278
2024 Fair Market Rents in Hope, New Jersey

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

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
Rental Units Below FMR in Hope, New Jersey

How many affordable rental units are in Hope?

Income Based Apartments in Hope, New Jersey

Hope features 10 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 Hope, New Jersey

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

Housing Choice Vouchers in Hope, New Jersey

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Hope, New Jersey for a two-bedroom apartment is between $1,386 and $1,694.

Sourced from federal housing data and AffordableHousingOnline.com research.