Affordable Housing In Los Ranchos de Albuquerque
Housing Authorities that serve Los Ranchos de Albuquerque
|Bernalillo County Housing Department||Section 8 Housing Choice Voucher (HCV); Public Housing|
|Albuquerque Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing; Section 8 Project-Based Voucher (PBV); Rental Assistance Demonstration (RAD)|
Guide To Affordable Housing in Los Ranchos de Albuquerque, New Mexico
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Los Ranchos de Albuquerque, New Mexico.
Income Based Apartments in Los Ranchos de Albuquerque, New Mexico
Los Ranchos de Albuquerque 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 Los Ranchos de Albuquerque, New Mexico
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Los Ranchos de Albuquerque.
Housing Choice Vouchers in Los Ranchos de Albuquerque, New Mexico
On average, Section 8 Housing Choice vouchers pay Los Ranchos de Albuquerque landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in Los Ranchos de Albuquerque.
The maximum amount a voucher would pay on behalf of a low-income tenant in Los Ranchos de Albuquerque, New Mexico for a two-bedroom apartment is between $789 and $965.
2020 Los Ranchos de Albuquerque, New Mexico 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||$571||$713||$877||$1,265||$1,506|
|Payment Standard Range||$514 to $628||$642 to $784||$789 to $965||$1,139 to $1,392||$1,355 to $1,657|
Sourced from federal housing data and AffordableHousingOnline.com research.
Los Ranchos de Albuquerque, NM 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||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|
Population and Household Demographics
Los Ranchos de Albuquerque 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 de Albuquerque are renters.
Income and Rent Overburden in Los Ranchos de Albuquerque
The median gross income for households in Los Ranchos de Albuquerque 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 de Albuquerque, 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 de Albuquerque.
Area Median Income In Los Ranchos de Albuquerque
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 de Albuquerque, the AMI is calculated from all households within Bernalillo County.
In Los Ranchos de Albuquerque, HUD calculates the Area Median Income for a family of four as $69,100
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 de Albuquerque
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 Los Ranchos de Albuquerque
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$14,550||$17,240||$21,720||$26,200||$30,680||$35,160||$39,640||$44,120|
|50% of Median||$24,200||$27,650||$31,100||$34,550||$37,350||$40,100||$42,850||$45,650|
|80% of Median||$38,750||$44,250||$49,800||$55,300||$59,750||$64,150||$68,600||$73,000|