Affordable Housing In Socorro County
8 Low Income Apartment Communities In Socorro County
Housing Authorities that serve Socorro County
|El Camino Real Housing Authority||Section 8 Housing Choice Voucher (HCV)|
|Western Regional Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing|
Guide To Affordable Housing in Socorro County, New Mexico
There are 8 low income housing apartment communities offering 269 affordable apartments for rent in Socorro County, New Mexico.
Income Based Apartments in Socorro County, New Mexico
Socorro County features 228 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 Socorro County, New Mexico
There are 41 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Socorro County.
Housing Choice Vouchers in Socorro County, New Mexico
On average, Section 8 Housing Choice vouchers pay Socorro County landlords $600 per month towards rent. The average voucher holder contributes $200 towards rent in Socorro County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Socorro County, New Mexico for a two-bedroom apartment is between $681 and $833.
2021 Socorro County, 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||$592||$596||$757||$1,083||$1,311|
|Payment Standard Range||$533 to $651||$536 to $656||$681 to $833||$975 to $1,191||$1,180 to $1,442|
Sourced from federal housing data and AffordableHousingOnline.com research.
Socorro County, NM Affordable Housing Snapshot
|Total Affordable Apartment Properties||8|
|Total Low Income Apartments||269|
|Total Housing Units with Rental Assistance||228|
|Percentage of Housing Units Occupied By Renters||27.29%|
|Average Renter Household Size||3.47|
|Average Household Size||3.43|
|Median Household Income||$34,037 ±$2,408|
|Median Rent||$582 ±$37|
|Percentage Of Renters Overburdened||31.56% ± 6.84pp|
Population and Household Demographics
Socorro County is a county in New Mexico with a population of 17,494. There are 4,947 households in the county with an average household size of 3.43 persons. 27.29% of households in Socorro County are renters.
Income and Rent Overburden in Socorro County
The median gross income for households in Socorro County is $34,037 a year, or $2,836 a month. The median rent for the county is $582 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Socorro County, a household making less than $1,940 a month would be considered overburdened when renting an apartment at or above the median rent. 31.56% of households who rent are overburdened in Socorro County.
Area Median Income In Socorro County
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.
In Socorro County, HUD calculates the Area Median Income for a family of four as $46,900
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 Socorro County
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 Socorro County
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$12,760||$17,240||$21,720||$26,200||$29,650||$31,850||$34,050||$36,250|
|50% of Median||$19,250||$22,000||$24,750||$27,450||$29,650||$31,850||$34,050||$36,250|
|80% of Median||$30,750||$35,150||$39,550||$43,900||$47,450||$50,950||$54,450||$57,950|
Cities In Socorro County
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