. Low Income Apartments For Rent in Biscoe, North Carolina - Affordable Housing Online

Emerald Forest Apartments

100 Forest Dr
Biscoe, North Carolina
Rent Assisted
2-4 BR

Emerywood Forest

412 Arrow Tr
Biscoe, North Carolina
Rent Assisted
S. 515 Rural
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There are 48 low-income apartments in Biscoe that offer reduced rents to eligible households. Low-income rents in Biscoe, North Carolina can range from $270 to $565 depending on the number of bedrooms.

Rental assistance programs support 30 low-income homes in Biscoe where households pay rent based on how much they earn. For 2023, elgible households participating in federally assisted housing pay an average of $428 towards rent each month.

Affordable rent data for some communities last confirmed on January 2nd, 2023. Subdsidized rents typically change once a year based on federal guidance.

Biscoe, North Carolina Affordable Housing Data

Income Based Apartments in Biscoe, North Carolina

Biscoe features 30 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 Biscoe, North Carolina

There are 48 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Biscoe.

Housing Choice Vouchers in Biscoe, North Carolina

On average, Section 8 Housing Choice vouchers pay Biscoe landlords $400 per month towards rent. The average voucher holder contributes $400 towards rent in Biscoe.

The maximum amount a voucher would pay on behalf of a low-income tenant in Biscoe, North Carolina for a two-bedroom apartment is between $694 and $848.

2023 Biscoe, 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
Biscoe, North Carolina Fair Market Rent $607 $611 $771 $960 $1,173
Biscoe, North Carolina Payment Standard Range $546 to $668 $550 to $672 $694 to $848 $864 to $1,056 $1,056 to $1,290

Sourced from federal housing data and AffordableHousingOnline.com research.

Biscoe, NC Affordable Housing Snapshot

Total Affordable Apartment Properties 2
Total Low Income Apartments 78
Total Housing Units with Rental Assistance 30
Percentage of Housing Units Occupied By Renters 38.56%
Average Renter Household Size 2.16
Average Household Size 3.15
Median Household Income $27,236 ±$6,823
Median Rent $644 ±$117
Percentage Of Renters Overburdened 57.01% ± 20.88pp
Total Population 1,874

Population and Household Demographics

Biscoe is a city in Montgomery County, North Carolina with a population of 1,874. There are 555 households in the city with an average household size of 3.15 persons. 38.56% of households in Biscoe are renters.

Income and Rent Overburden in Biscoe

The median gross income for households in Biscoe is $27,236 a year, or $2,270 a month. The median rent for the city is $644 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Biscoe, a household making less than $2,147 a month would be considered overburdened when renting an apartment at or above the median rent. 57.01% of households who rent are overburdened in Biscoe.

Area Median Income In Biscoe

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 Biscoe, the AMI is calculated from all households within Montgomery County.

In Biscoe, HUD calculates the Area Median Income for a family of four as $64,400

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 Biscoe

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 Biscoe

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 Biscoe AMI may qualify for rental assistance programs that target Extremely Low Income households.
$14,580 $19,720 $24,860 $30,000 $35,140 $40,150 $42,950 $45,700
50% AMI Income Limits
Renters earning up to 50% of the Biscoe AMI may qualify for rental assistance programs that target Very Low Income households.
$24,250 $27,700 $31,150 $34,600 $37,400 $40,150 $42,950 $45,700
80% AMI Income Limits
Renters earning up to 80% of the Biscoe AMI may qualify for rental assistance programs that target Low Income households.
$38,750 $44,300 $49,850 $55,350 $59,800 $64,250 $68,650 $73,100