Affordable Housing In Lopatcong Overlook
Housing Authorities that serve Lopatcong Overlook
|Warren County Housing Authority||Section 8 Housing Choice Voucher (HCV)|
|State of New Jersey Department of Community Affairs||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Lopatcong Overlook, New Jersey
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Lopatcong Overlook, New Jersey.
Income Based Apartments in Lopatcong Overlook, New Jersey
Lopatcong Overlook features 0 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 Lopatcong Overlook, New Jersey
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lopatcong Overlook.
Housing Choice Vouchers in Lopatcong Overlook, New Jersey
On average, Section 8 Housing Choice vouchers pay Lopatcong Overlook landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lopatcong Overlook.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lopatcong Overlook, New Jersey for a two-bedroom apartment is between $1,054 and $1,288.
2020 Lopatcong Overlook, New Jersey 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|
|Fair Market Rent||$845||$963||$1,171||$1,463||$1,641|
|Payment Standard Range||$761 to $930||$867 to $1,059||$1,054 to $1,288||$1,317 to $1,609||$1,477 to $1,805|
Sourced from federal housing data and AffordableHousingOnline.com research.
Lopatcong Overlook, 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||49.32%|
|Average Renter Household Size||2.42|
|Average Household Size||1.85|
|Median Household Income||$75,536 ±$15,965|
|Median Rent||$1,440 ±$158|
|Percentage Of Renters Overburdened||42.07% ± 19.16pp|
Population and Household Demographics
Lopatcong Overlook is a city in Warren County, New Jersey with a population of 545. There are 294 households in the city with an average household size of 1.85 persons. 49.32% of households in Lopatcong Overlook are renters.
Income and Rent Overburden in Lopatcong Overlook
The median gross income for households in Lopatcong Overlook is $75,536 a year, or $6,295 a month. The median rent for the city is $1,440 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lopatcong Overlook, a household making less than $4,800 a month would be considered overburdened when renting an apartment at or above the median rent. 42.07% of households who rent are overburdened in Lopatcong Overlook.
Area Median Income In Lopatcong Overlook
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 Lopatcong Overlook, the AMI is calculated from all households within Warren County.
In Lopatcong Overlook, HUD calculates the Area Median Income for a family of four as $97,800
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 Lopatcong Overlook
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 Lopatcong Overlook
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$20,650||$23,600||$26,550||$29,500||$31,900||$35,160||$39,640||$44,120|
|50% of Median||$34,450||$39,350||$44,250||$49,150||$53,100||$57,050||$60,950||$64,900|
|80% of Median||$54,950||$62,800||$70,650||$78,500||$84,800||$91,100||$97,350||$103,650|