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Affordable Housing In Monterey Park
Valencia County, New Mexico

Housing Authorities that serve Monterey Park

Housing Authority Programs
Western Regional Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing
El Camino Real Housing Authority Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Monterey Park, New Mexico

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Monterey Park, New Mexico.

Income Based Apartments in Monterey Park, New Mexico

Monterey Park 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 Monterey Park, New Mexico

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

Housing Choice Vouchers in Monterey Park, New Mexico

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Monterey Park, New Mexico for a two-bedroom apartment is between $846 and $1,034.

2021 Monterey Park, 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
Monterey Park, New Mexico Fair Market Rent $621 $770 $940 $1,345 $1,617
Monterey Park, New Mexico Payment Standard Range $559 to $683 $693 to $847 $846 to $1,034 $1,211 to $1,480 $1,455 to $1,779

Sourced from federal housing data and AffordableHousingOnline.com research.

Monterey Park, 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 15.52%
Average Renter Household Size 1.89
Average Household Size 4.88
Median Household Income $15,806 ±$4,044
Median Rent $0 ±$0
Percentage Of Renters Overburdened 70.37% ± 80.1pp
Total Population 1,697

Population and Household Demographics

Monterey Park is a city in Valencia County, New Mexico with a population of 1,697. There are 348 households in the city with an average household size of 4.88 persons. 15.52% of households in Monterey Park are renters.

Income and Rent Overburden in Monterey Park

The median gross income for households in Monterey Park is $15,806 a year, or $1,317 a month. The median rent for the city is $0 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Monterey Park, a household making less than $0 a month would be considered overburdened when renting an apartment at or above the median rent. 70.37% of households who rent are overburdened in Monterey Park.

Area Median Income In Monterey Park

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 Monterey Park, the AMI is calculated from all households within Valencia County.

In Monterey Park, 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 Monterey Park

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 Monterey Park

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% AMI Income Limits
Renters earning up to 30% of the Monterey Park AMI may qualify for rental assistance programs that target Extremely Low Income households.
$14,550 $17,240 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% AMI Income Limits
Renters earning up to 50% of the Monterey Park AMI may qualify for rental assistance programs that target Very Low Income households.
$24,200 $27,650 $31,100 $34,550 $37,350 $40,100 $42,850 $45,650
80% AMI Income Limits
Renters earning up to 80% of the Monterey Park AMI may qualify for rental assistance programs that target Low Income households.
$38,750 $44,250 $49,800 $55,300 $59,750 $64,150 $68,600 $73,000