Affordable Housing In Rich Square
Waiting List Openings In Rich Square
|Choanoke Area Development Association of NC Inc. Housing Choice Voucher||Open Soon|
1 Low Income Apartment Communities In Rich Square
Housing Authorities that serve Rich Square
|Choanoke Area Development Association of NC Inc.||Section 8 Housing Choice Voucher (HCV); Family Self-Sufficiency; Homeownership|
Guide To Affordable Housing in Rich Square, North Carolina
There are 1 low income housing apartment communities offering 24 affordable apartments for rent in Rich Square, North Carolina.
Income Based Apartments in Rich Square, North Carolina
Rich Square features 24 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 Rich Square, North Carolina
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Rich Square.
Housing Choice Vouchers in Rich Square, North Carolina
On average, Section 8 Housing Choice vouchers pay Rich Square landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Rich Square.
The maximum amount a voucher would pay on behalf of a low-income tenant in Rich Square, North Carolina for a two-bedroom apartment is between $624 and $762.
2021 Rich Square, 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|
|Rich Square, North Carolina Fair Market Rent||$522||$526||$693||$923||$1,046|
|Rich Square, North Carolina Payment Standard Range||$470 to $574||$473 to $579||$624 to $762||$831 to $1,015||$941 to $1,151|
Sourced from federal housing data and AffordableHousingOnline.com research.
Rich Square, NC Affordable Housing Snapshot
|Total Affordable Apartment Properties||1|
|Total Low Income Apartments||24|
|Total Housing Units with Rental Assistance||24|
|Percentage of Housing Units Occupied By Renters||33.07%|
|Average Renter Household Size||1.99|
|Average Household Size||2.26|
|Median Household Income||$30,972 ±$3,415|
|Median Rent||$778 ±$219|
|Percentage Of Renters Overburdened||57.94% ± 25.85pp|
Population and Household Demographics
Rich Square is a city in Northampton County, North Carolina with a population of 927. There are 381 households in the city with an average household size of 2.26 persons. 33.07% of households in Rich Square are renters.
Income and Rent Overburden in Rich Square
The median gross income for households in Rich Square is $30,972 a year, or $2,581 a month. The median rent for the city is $778 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Rich Square, a household making less than $2,593 a month would be considered overburdened when renting an apartment at or above the median rent. 57.94% of households who rent are overburdened in Rich Square.
Area Median Income In Rich Square
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 Rich Square, the AMI is calculated from all households within Northampton County.
In Rich Square, HUD calculates the Area Median Income for a family of four as $43,700
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 Rich Square
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 Rich Square
|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 Rich Square AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Rich Square AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Rich Square AMI may qualify for rental assistance programs that target Low Income households.