Affordable Housing In Albemarle
21 Low Income Apartment Communities In Albemarle
Housing Authorities that serve Albemarle
|City of Albemarle Department of Public Housing||Section 8 Housing Choice Voucher (HCV); Public Housing|
Guide To Affordable Housing in Albemarle, North Carolina
There are 21 low income housing apartment communities offering 623 affordable apartments for rent in Albemarle, North Carolina.
Income Based Apartments in Albemarle, North Carolina
Albemarle features 428 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 Albemarle, North Carolina
There are 195 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Albemarle.
Housing Choice Vouchers in Albemarle, North Carolina
On average, Section 8 Housing Choice vouchers pay Albemarle landlords $500 per month towards rent. The average voucher holder contributes $400 towards rent in Albemarle.
The maximum amount a voucher would pay on behalf of a low-income tenant in Albemarle, North Carolina for a two-bedroom apartment is between $624 and $762.
2021 Albemarle, North Carolina 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|
|Albemarle, North Carolina Fair Market Rent||$571||$574||$693||$941||$1,159|
|Albemarle, North Carolina Payment Standard Range||$514 to $628||$517 to $631||$624 to $762||$847 to $1,035||$1,043 to $1,275|
Sourced from federal housing data and AffordableHousingOnline.com research.
Albemarle, NC Affordable Housing Snapshot
|Total Affordable Apartment Properties||21|
|Total Low Income Apartments||623|
|Total Housing Units with Rental Assistance||428|
|Percentage of Housing Units Occupied By Renters||42.67%|
|Average Renter Household Size||2.28|
|Average Household Size||2.34|
|Median Household Income||$32,606 ±$2,300|
|Median Rent||$613 ±$48|
|Percentage Of Renters Overburdened||56.81% ± 7.91pp|
Population and Household Demographics
Albemarle is a city in Stanly County, North Carolina with a population of 15,969. There are 6,522 households in the city with an average household size of 2.34 persons. 42.67% of households in Albemarle are renters.
Income and Rent Overburden in Albemarle
The median gross income for households in Albemarle is $32,606 a year, or $2,717 a month. The median rent for the city is $613 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Albemarle, a household making less than $2,043 a month would be considered overburdened when renting an apartment at or above the median rent. 56.81% of households who rent are overburdened in Albemarle.
Area Median Income In Albemarle
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 Albemarle, the AMI is calculated from all households within Stanly County.
In Albemarle, HUD calculates the Area Median Income for a family of four as $62,200
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 Albemarle
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 Albemarle
|1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% AMI Income Limits
Renters earning up to 30% of the Albemarle AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Albemarle AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Albemarle AMI may qualify for rental assistance programs that target Low Income households.