Low Income Apartments and Affordable Housing For Rent in Troy, NC

Discover affordable housing in Troy where there are 7+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Wesleyan Homes

920 Lindsey Drive , Troy, North Carolina 27371

bed 1
elderly Senior

Rocky Knoll Apartments

600 Wallace Ave, Troy, North Carolina 27371

Westwood Apartments

516 Wallace Ave, Troy, North Carolina 27371

Wesleyan Homes II

107 Wesleyan St, Troy, North Carolina 27371

Arc Hds Montgomery County Group Home

321 Taft St, Troy, North Carolina 27371

Uwharrie Ridge Apartment Complex

1036 N Main Stret, Troy, North Carolina

628 Greensboro St

628 Greensboro St, Troy, North Carolina 27371

How To Identify Affordable Housing in Troy, North Carolina

Look for program and preference badges on affordable apartment listings. These badges can help you identify the types of low income housing each apartment offers and if you may be eligbile for rental assistance or reduced rents.

Badge Description
switch_access_shortcut Short Wait
Low income apartments with no or short waiting lists.
payment Subsidized
Low income housing where the rent is subsidized and the renter pays only a portion of total rent.
real_estate_agent Accepts Vouchers
Apartments that accept Section 8 vouchers near you
elderly Senior
Rental housing for seniors who are 55 (or sometimes 62) and older.
payment Income Based
Affordable apartments where the rent paid is based on renter income.
accessibility Accessible
Meets Accessibilty Requirements of the Fair Housing Act, the ADA, or HUD policy.
accessible_forward Disability
Apartments for individuals or families with disabilities.
The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Troy, North Carolina
$8.96 (+124%) more than North Carolina minimum wage and $8.96 (+124%) more than the Federal minimum wage.
Learn More About Troy, North Carolina Affordable Housing ↓

What HUD offices serve Troy, 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.

Operates the Section 8 Housing Choice Voucher (HCV), Public Housing programs for Troy, North Carolina.
Operates the Section 8 Housing Choice Voucher (HCV) programs for Troy, North Carolina.

Go to the North Carolina Public Housing and Low-Income Apartments Waiting Lists page for openings near Troy.

How many renters live in Troy, North Carolina?

The City of Troy has 2,921 people living in 1,035 households.

There are 1,179 renters living in 610 renter households in this City. Renters make up 40.36 percent of the population living in Troy.

What is the rental market like in Troy, North Carolina?

There are an estimated 1,346 housing units in the Troy area. Of these, 773 units are rental homes, making up 57 percent of the housing market. For every renter household in Troy, North Carolina, there are 1 rental units.

What is the vacancy rate for rentals in Troy?

The rental vacancy rate in Troy is 5 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

How many rental units are in Troy for each bedroom size?

Occupied Rental Units by Size in Troy
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 79 150 377 4
Occupied Rental Units by Size in Troy

A large number of apartments in Troy have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Troy are overburdened by housing costs?

Among renter households in this market, 24 percent have housing cost burden. Further, 15 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Troy

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $691 to $1,439. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $691
One BR $695
Two BR $856
Three BR $1,089
Four BR $1,439
2024 Fair Market Rents in Troy, North Carolina

How many units are rented at Fair Market Rent (FMR) in Troy?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
One BR 75 95 percent
Two BR 97 65 percent
Rental Units Below FMR in Troy, North Carolina

How many affordable rental units are in Troy?

There are a variety of federal affordable housing programs serving households in Troy, North Carolina including the following:

Federal Program Unit Count
Public Housing 82
Section 8 Project-Based Rental Assistance 85
USDA Section 515 Rural Rental Housing 144
Tracked Units by Federal Program in Troy, North Carolina

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Troy, North Carolina

Troy features 273 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 Troy, North Carolina

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Troy.

Housing Choice Vouchers in Troy, North Carolina

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Troy, North Carolina for a two-bedroom apartment is between $770 and $942.

Sourced from federal housing data and AffordableHousingOnline.com research.