Low Income Apartments and Affordable Housing For Rent in Olean, NY

Discover affordable housing in Olean where there are 12+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Cranberry Court

3100 Cranberry Rd, Olean, New York 14760

switch_access_shortcut Short Wait
payment Subsidized
real_estate_agent Accepts Vouchers
payment Income Based
accessibility Accessible

Brookside Community

301 W Henley St, Olean, New York 14760

payment Subsidized
elderly Senior
accessibility Accessible

R and a Grant Housing

310 N 6th St, Olean, New York 14760

payment Subsidized
accessibility Accessible
accessible_forward Disability

Aspen Towers

350 Front St, Olean, New York 14760

payment Subsidized

1501 W Henley St Unit Upper-Front

1501 W Henley St Unit Upper-Front, Olean, New York 14760

bed 1
payment $700/mo.

Olean House

132 N Union St, Olean, New York 14760

payment Subsidized

First Apartments Olean

516 N 1st St, Olean, New York 14760

switch_access_shortcut Short Wait
accessibility Accessible

Derby Apartments

311 E STATE ST, Olean, New York 14760

switch_access_shortcut Short Wait
real_estate_agent Accepts Vouchers
accessibility Accessible

Aspen Manor

500 E. Spring Stret, Olean, New York

switch_access_shortcut Short Wait

West and Alder Courts

305 N 15th St, Olean, New York 14760

payment Subsidized

Spring and Seneca Court

401 Alder St, Olean, New York 14760

payment Subsidized

South Court

554 Martha Ave, Olean, New York 14760

payment Subsidized

How To Identify Affordable Housing in Olean, New York

Look for program and preference badges on affordable apartment listings. These badges can help you identify the types of low income housing each apartment offers and if you may be eligbile for rental assistance or reduced rents.

Badge Description
switch_access_shortcut Short Wait
Low income apartments with no or short waiting lists.
payment Subsidized
Low income housing where the rent is subsidized and the renter pays only a portion of total rent.
real_estate_agent Accepts Vouchers
Apartments that accept Section 8 vouchers near you
elderly Senior
Rental housing for seniors who are 55 (or sometimes 62) and older.
payment Income Based
Affordable apartments where the rent paid is based on renter income.
accessibility Accessible
Meets Accessibilty Requirements of the Fair Housing Act, the ADA, or HUD policy.
accessible_forward Disability
Apartments for individuals or families with disabilities.
real_estate_agent Naturally Affordable
Naturally Occuring Affordable Housing - or NOAH - is any housing unit that offers affordable rent without participating in a rent subsidy program.
calendar_today Opened: Mar 25
Open Until Further Notice
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Reported On February 23rd, 2024 by Nathan Brunet

calendar_today Opened: Dec 20
calendar_today Closes: Dec 27,

Reported On June 18th, 2024 by Ayat Elkarib

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Olean, New York
$17.14/hour
$2.14 (+14%) more than New York minimum wage and $9.89 (+136%) more than the Federal minimum wage.
Learn More About Olean, New York Affordable Housing ↓

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.

Operates the Public Housing programs for Olean, New York.
Operates the Section 8 Housing Choice Voucher (HCV) programs for Olean, New York.

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.

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