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

Apply to Troutman Apartment Waiting Lists

The Meadows

126 Meadows Park Loop
Troutman, North Carolina
Rent Assisted
USDA S. 538
1-3 BR
Showing Results 1-15
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There are 32 low-income apartments in Troutman that offer reduced rents to eligible households.

Rental assistance programs support 0 low-income homes in Troutman where households pay rent based on how much they earn. For 2023, elgible households participating in federally assisted housing pay an average of $-4 towards rent each month.

Affordable rent data for some communities last confirmed on March 30th, 2023. Subdsidized rents typically change once a year based on federal guidance.

Public Housing Agencies Serving Troutman, North Carolina

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.

Housing Authority Programs
Statesville Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing
Go to the North Carolina Public Housing and Low-Income Apartments Waiting Lists page for openings near Troutman.

Troutman, North Carolina Affordable Housing Data

Income Based Apartments in Troutman, North Carolina

Troutman features 0 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 Troutman, North Carolina

There are 32 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Troutman.

Housing Choice Vouchers in Troutman, North Carolina

On average, Section 8 Housing Choice vouchers pay Troutman landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Troutman.

The maximum amount a voucher would pay on behalf of a low-income tenant in Troutman, North Carolina for a two-bedroom apartment is between $931 and $1,137.

2023 Troutman, 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
Troutman, North Carolina Fair Market Rent $896 $915 $1,034 $1,395 $1,761
Troutman, North Carolina Payment Standard Range $806 to $986 $824 to $1,007 $931 to $1,137 $1,256 to $1,535 $1,585 to $1,937

Sourced from federal housing data and AffordableHousingOnline.com research.

Troutman, NC Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 32
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 26.82%
Average Renter Household Size 3.16
Average Household Size 2.80
Median Household Income $48,393 ±$6,958
Median Rent $729 ±$74
Percentage Of Renters Overburdened 40.68% ± 21.48pp
Total Population 2,476

Population and Household Demographics

Troutman is a city in Iredell County, North Carolina with a population of 2,476. There are 880 households in the city with an average household size of 2.80 persons. 26.82% of households in Troutman are renters.

Income and Rent Overburden in Troutman

The median gross income for households in Troutman is $48,393 a year, or $4,033 a month. The median rent for the city is $729 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Troutman, a household making less than $2,430 a month would be considered overburdened when renting an apartment at or above the median rent. 40.68% of households who rent are overburdened in Troutman.

Area Median Income In Troutman

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 Troutman, the AMI is calculated from all households within Iredell County.

In Troutman, HUD calculates the Area Median Income for a family of four as $95,600

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 Troutman

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 Troutman

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30% AMI Income Limits
Renters earning up to 30% of the Troutman AMI may qualify for rental assistance programs that target Extremely Low Income households.
$17,350 $19,800 $24,860 $30,000 $35,140 $40,280 $45,420 $50,560
50% AMI Income Limits
Renters earning up to 50% of the Troutman AMI may qualify for rental assistance programs that target Very Low Income households.
$28,900 $33,000 $37,150 $41,250 $44,550 $47,850 $51,150 $54,450
80% AMI Income Limits
Renters earning up to 80% of the Troutman AMI may qualify for rental assistance programs that target Low Income households.
$46,200 $52,800 $59,400 $65,950 $71,250 $76,550 $81,800 $87,100