Affordable Housing In Truth Or Consequences
5 Low Income Apartment Communities In Truth Or Consequences
Housing Authorities that serve Truth Or Consequences
|Truth or Consequences Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing|
|Western Regional Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing|
Guide To Affordable Housing in Truth Or Consequences, New Mexico
There are 5 low income housing apartment communities offering 278 affordable apartments for rent in Truth Or Consequences, New Mexico.
Income Based Apartments in Truth Or Consequences, New Mexico
Truth Or Consequences features 216 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 Truth Or Consequences, New Mexico
There are 62 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Truth Or Consequences.
Housing Choice Vouchers in Truth Or Consequences, New Mexico
On average, Section 8 Housing Choice vouchers pay Truth Or Consequences landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Truth Or Consequences.
The maximum amount a voucher would pay on behalf of a low-income tenant in Truth Or Consequences, New Mexico for a two-bedroom apartment is between $677 and $827.
2021 Truth Or Consequences, 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||$496||$571||$752||$1,016||$1,023|
|Payment Standard Range||$446 to $546||$514 to $628||$677 to $827||$914 to $1,118||$921 to $1,125|
Sourced from federal housing data and AffordableHousingOnline.com research.
Truth Or Consequences, NM Affordable Housing Snapshot
|Total Affordable Apartment Properties||5|
|Total Low Income Apartments||278|
|Total Housing Units with Rental Assistance||216|
|Percentage of Housing Units Occupied By Renters||35.73%|
|Average Renter Household Size||2.06|
|Average Household Size||2.08|
|Median Household Income||$26,877 ±$2,314|
|Median Rent||$493 ±$92|
|Percentage Of Renters Overburdened||38.95% ± 10.22pp|
Population and Household Demographics
Truth Or Consequences is a city in Sierra County, New Mexico with a population of 6,266. There are 2,888 households in the city with an average household size of 2.08 persons. 35.73% of households in Truth Or Consequences are renters.
Income and Rent Overburden in Truth Or Consequences
The median gross income for households in Truth Or Consequences is $26,877 a year, or $2,240 a month. The median rent for the city is $493 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Truth Or Consequences, a household making less than $1,643 a month would be considered overburdened when renting an apartment at or above the median rent. 38.95% of households who rent are overburdened in Truth Or Consequences.
Area Median Income In Truth Or Consequences
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 Truth Or Consequences, the AMI is calculated from all households within Sierra County.
In Truth Or Consequences, HUD calculates the Area Median Income for a family of four as $43,400
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 Truth Or Consequences
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 Truth Or Consequences
|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|