Affordable Housing In Penn Yan
6 Low Income Apartment Communities In Penn Yan
Housing Authorities that serve Penn Yan
|PathStone||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Penn Yan, New York
There are 6 low income housing apartment communities offering 451 affordable apartments for rent in Penn Yan, New York.
Income Based Apartments in Penn Yan, New York
Penn Yan features 105 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 Penn Yan, New York
There are 346 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Penn Yan.
Housing Choice Vouchers in Penn Yan, New York
On average, Section 8 Housing Choice vouchers pay Penn Yan landlords $900 per month towards rent. The average voucher holder contributes $300 towards rent in Penn Yan.
The maximum amount a voucher would pay on behalf of a low-income tenant in Penn Yan, New York for a two-bedroom apartment is between $698 and $853.
2020 Penn Yan, 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||$533||$644||$775||$1,046||$1,050|
|Payment Standard Range||$480 to $586||$580 to $708||$698 to $853||$941 to $1,151||$945 to $1,155|
Sourced from federal housing data and AffordableHousingOnline.com research.
Penn Yan, NY Affordable Housing Snapshot
|Total Affordable Apartment Properties||6|
|Total Low Income Apartments||451|
|Total Housing Units with Rental Assistance||105|
|Percentage of Housing Units Occupied By Renters||49.74%|
|Average Renter Household Size||1.84|
|Average Household Size||2.11|
|Median Household Income||$33,586 ±$8,423|
|Median Rent||$656 ±$44|
|Percentage Of Renters Overburdened||57.75% ± 11.89pp|
Population and Household Demographics
Penn Yan is a city in Yates County, New York with a population of 4,815. There are 2,127 households in the city with an average household size of 2.11 persons. 49.74% of households in Penn Yan are renters.
Income and Rent Overburden in Penn Yan
The median gross income for households in Penn Yan is $33,586 a year, or $2,799 a month. The median rent for the city is $656 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Penn Yan, a household making less than $2,187 a month would be considered overburdened when renting an apartment at or above the median rent. 57.75% of households who rent are overburdened in Penn Yan.
Area Median Income In Penn Yan
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 Penn Yan, the AMI is calculated from all households within Yates County.
In Penn Yan, HUD calculates the Area Median Income for a family of four as $70,600
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 Penn Yan
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 Penn Yan
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$14,850||$17,240||$21,720||$26,200||$30,680||$35,160||$39,640||$44,120|
|50% of Median||$24,750||$28,250||$31,800||$35,300||$38,150||$40,950||$43,800||$46,600|
|80% of Median||$39,550||$45,200||$50,850||$56,500||$61,050||$65,550||$70,100||$74,600|