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Affordable Housing In Panther Valley
Warren County, New Jersey

Guide To Affordable Housing in Panther Valley, New Jersey

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Panther Valley, New Jersey.

Income Based Apartments in Panther Valley, New Jersey

Panther Valley 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 Panther Valley, New Jersey

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

Housing Choice Vouchers in Panther Valley, New Jersey

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Panther Valley, New Jersey for a two-bedroom apartment is between $1,054 and $1,288.

2020 Panther Valley, 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.

Panther Valley, 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 12.3%
Average Renter Household Size 2.42
Average Household Size 2.08
Median Household Income $82,734 ±$11,384
Median Rent $1,527 ±$201
Percentage Of Renters Overburdened 24.52% ± 15.57pp
Total Population 3,518

Population and Household Demographics

Panther Valley is a city in Warren County, New Jersey with a population of 3,518. There are 1,691 households in the city with an average household size of 2.08 persons. 12.3% of households in Panther Valley are renters.

Income and Rent Overburden in Panther Valley

The median gross income for households in Panther Valley is $82,734 a year, or $6,895 a month. The median rent for the city is $1,527 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Panther Valley, a household making less than $5,090 a month would be considered overburdened when renting an apartment at or above the median rent. 24.52% of households who rent are overburdened in Panther Valley.

Area Median Income In Panther Valley

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 Panther Valley, the AMI is calculated from all households within Warren County.

In Panther Valley, 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 Panther Valley

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 Panther Valley

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