Affordable Housing In Los Ranchos
Bernalillo County, New Mexico

2 Low Income Apartment Communities In Los Ranchos

El Paseo Apartments

301 El Pueblo Rd NW
Los Ranchos, NM
HCV Welcome

El Paseo Apartments Phase II

291 El Pueblo Rd NW
Los Ranchos, NM
HCV Welcome
  • «
  • 1
  • »

Housing Authorities that serve Los Ranchos

Housing Authority Programs
Bernalillo County Housing Department Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Los Ranchos, New Mexico

There are 2 low income housing apartment communities offering 290 affordable apartments for rent in Los Ranchos, New Mexico. Los Ranchos features 0 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 290 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Los Ranchos.

Sourced from federal housing data and AffordableHousingOnline.com research.

Los Ranchos, NM Affordable Housing Snapshot

Total Affordable Apartment Properties 2
Total Low Income Apartments 290
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 31.33%
Average Renter Household Size 2.08
Average Household Size 2.34
Median Household Income $62,367 ±$22,961
Median Rent $807 ±$76
Percentage Of Renters Overburdened 54.57% ± 20.76pp
Total Population 6,067

Population and Household Demographics

Los Ranchos is a City in Bernalillo County, New Mexico with a population of 6,067. There are 2,585 households in the city with an average household size of 2.34 persons. 31.33% of households in Los Ranchos are renters.

Income and Rent Overburden in Los Ranchos

The median gross income for households in Los Ranchos is $62,367 a year, or $5,197 a month. The median rent for the city is $807 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Los Ranchos, a household making less than $2,690 a month would be considered overburdened when renting an apartment at or above the median rent. 54.57% of households who rent are overburdened in Los Ranchos.1

Area Median Income In Los Ranchos

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 Los Ranchos, the AMI is calculated from all households within Bernalillo County.

In Los Ranchos, HUD calculates the Area Median Income for a family of four as $65,700

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 Los Ranchos

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 Los Ranchos HUD Rental Assistance in Los Ranchos

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $13,800 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,400
50% of Median $23,000 $26,300 $29,600 $32,850 $35,500 $38,150 $40,750 $43,400
80% of Median $36,800 $42,050 $47,300 $52,550 $56,800 $61,000 $65,200 $69,400
Low Income Housing Tax Credits in Los Ranchos

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 2003 to 2004, 2 low income apartment communities containing 290 rental apartments have been constructed and made affordable to low income persons in Los Ranchos by the Low Income Housing Tax Credit Program.

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Los Ranchos

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $23,000 $26,300 $29,600 $32,850 $35,500 $38,150 $40,750 $43,400
60% of Median $27,600 $31,560 $35,520 $39,420 $42,600 $45,780 $48,900 $52,080

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Los Ranchos is $35,520 a year, or $2,960 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,960 by 30% to get a maximum rent of $888 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $575 $616 $740 $854 $954 $1,052
60% $690 $740 $888 $1,025 $1,145 $1,262
Fair Market Rents in Los Ranchos

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
$571 $713 $877 $1,265 $1,506