What HUD offices serve Olean, New York?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the New York Public Housing and Low-Income Apartments Waiting Lists page for openings near Olean.
How many renters live in Olean, New York?
The City of Olean has people living in households.
There are renters living in renter households in this City. Renters make up 41 percent of the population living in Olean.
What is the rental market like in Olean, New York?
There are an estimated housing units in the Olean area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Olean, New York, there are 1.09 rental units.
What is the vacancy rate for rentals in Olean?
The rental vacancy rate in Olean is 8 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Olean for each bedroom size?
Occupied Rental Units by Size in Olean
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 199 | 812 | 910 | 671 | 178 |
Occupied Rental Units by Size in Olean
A large number of apartments in Olean have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How Much Is Rent in Olean
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $705 to $1,291. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $705 |
| One BR | $709 |
| Two BR | $905 |
| Three BR | $1,138 |
| Four BR | $1,291 |
2024 Fair Market Rents in Olean, New York
How many units are rented at Fair Market Rent (FMR) in Olean?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 47 | 24 percent |
| One BR | 549 | 68 percent |
| Two BR | 498 | 55 percent |
Rental Units Below FMR in Olean, New York
How many affordable rental units are in Olean?
There are a variety of federal affordable housing programs serving households in Olean, New York including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | |
| Public Housing | |
| Section 8 Project-Based Rental Assistance | |
| Section 202 Supportive Housing for the Elderly | |
| Section 811 Supportive Housing for Persons with Disabilities | |
| USDA Section 515 Rural Rental Housing |
Tracked Units by Federal Program in Olean, New York
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Olean, New York
Olean features 481 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 Olean, New York
There are 52 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Olean.
Housing Choice Vouchers in Olean, New York
On average, Section 8 Housing Choice vouchers pay Olean landlords $900 per month towards rent. The average voucher holder contributes $400 towards rent in Olean.
The maximum amount a voucher would pay on behalf of a low-income tenant in Olean, New York for a two-bedroom apartment is between $815 and $996.
Sourced from federal housing data and AffordableHousingOnline.com research.