Affordable Housing In Rio Rancho
3 Low Income Apartment Communities In Rio Rancho
Housing Authorities that serve Rio Rancho
|Bernalillo County Housing Department||Section 8 Housing Choice Voucher (HCV); Public Housing; Veteran Affairs Supportive Housing (VASH); Family Unification Program (FUP)|
|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 Rio Rancho, New Mexico
There are 3 low income housing apartment communities offering 476 affordable apartments for rent in Rio Rancho, New Mexico.
Income Based Apartments in Rio Rancho, New Mexico
Rio Rancho 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 Rio Rancho, New Mexico
There are 476 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Rio Rancho.
Housing Choice Vouchers in Rio Rancho, New Mexico
On average, Section 8 Housing Choice vouchers pay Rio Rancho landlords $700 per month towards rent. The average voucher holder contributes $400 towards rent in Rio Rancho.
The maximum amount a voucher would pay on behalf of a low-income tenant in Rio Rancho, New Mexico for a two-bedroom apartment is between $846 and $1,034.
2021 Rio Rancho, 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|
|Rio Rancho, New Mexico Fair Market Rent||$621||$770||$940||$1,345||$1,617|
|Rio Rancho, 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.
Rio Rancho, NM Affordable Housing Snapshot
|Total Affordable Apartment Properties||3|
|Total Low Income Apartments||476|
|Total Housing Units with Rental Assistance||0|
|Percentage of Housing Units Occupied By Renters||21.31%|
|Average Renter Household Size||2.87|
|Average Household Size||2.81|
|Median Household Income||$60,893 ±$1,753|
|Median Rent||$1,071 ±$46|
|Percentage Of Renters Overburdened||47.63% ± 4.66pp|
Population and Household Demographics
Rio Rancho is a city in Bernalillo County, New Mexico with a population of 91,807. There are 32,511 households in the city with an average household size of 2.81 persons. 21.31% of households in Rio Rancho are renters.
Income and Rent Overburden in Rio Rancho
The median gross income for households in Rio Rancho is $60,893 a year, or $5,074 a month. The median rent for the city is $1,071 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Rio Rancho, a household making less than $3,570 a month would be considered overburdened when renting an apartment at or above the median rent. 47.63% of households who rent are overburdened in Rio Rancho.
Area Median Income In Rio Rancho
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 Rio Rancho, the AMI is calculated from all households within Bernalillo County.
In Rio Rancho, HUD calculates the Area Median Income for a family of four as $67,500
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 Rio Rancho
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 Rio Rancho
|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 Rio Rancho AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Rio Rancho AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Rio Rancho AMI may qualify for rental assistance programs that target Low Income households.