Affordable Housing In Albany
47 Low Income Apartment Communities In Albany
Housing Authorities that serve Albany
|Albany Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing|
Guide To Affordable Housing in Albany, New York
There are 47 low income housing apartment communities offering 4,115 affordable apartments for rent in Albany, New York.
Income Based Apartments in Albany, New York
Albany features 2,973 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 Albany, New York
There are 1,142 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Albany.
Housing Choice Vouchers in Albany, New York
On average, Section 8 Housing Choice vouchers pay Albany landlords $600 per month towards rent. The average voucher holder contributes $400 towards rent in Albany.
The maximum amount a voucher would pay on behalf of a low-income tenant in Albany, New York for a two-bedroom apartment is between $1,005 and $1,229.
2021 Albany, New York 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||$809||$912||$1,117||$1,389||$1,515|
|Payment Standard Range||$728 to $890||$821 to $1,003||$1,005 to $1,229||$1,250 to $1,528||$1,364 to $1,667|
Sourced from federal housing data and AffordableHousingOnline.com research.
Albany, NY Affordable Housing Snapshot
|Total Affordable Apartment Properties||47|
|Total Low Income Apartments||4,115|
|Total Housing Units with Rental Assistance||2,973|
|Percentage of Housing Units Occupied By Renters||62.53%|
|Average Renter Household Size||2.09|
|Average Household Size||2.19|
|Median Household Income||$40,949 ±$1,493|
|Median Rent||$857 ±$16|
|Percentage Of Renters Overburdened||52.04% ± 2.6pp|
Population and Household Demographics
Albany is a city in Albany County, New York with a population of 98,468. There are 40,283 households in the city with an average household size of 2.19 persons. 62.53% of households in Albany are renters.
Income and Rent Overburden in Albany
The median gross income for households in Albany is $40,949 a year, or $3,412 a month. The median rent for the city is $857 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Albany, a household making less than $2,857 a month would be considered overburdened when renting an apartment at or above the median rent. 52.04% of households who rent are overburdened in Albany.
Area Median Income In Albany
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 Albany, the AMI is calculated from all households within Albany County.
In Albany, HUD calculates the Area Median Income for a family of four as $99,200
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 Albany
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 Albany
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$20,400||$23,300||$26,200||$29,100||$31,450||$35,160||$39,640||$44,120|
|50% of Median||$33,950||$38,800||$43,650||$48,500||$52,400||$56,300||$60,150||$64,050|
|80% of Median||$54,350||$62,100||$69,850||$77,600||$83,850||$90,050||$96,250||$102,450|