Affordable Housing In New Franklin
Summit County, Ohio

Housing Authorities that serve New Franklin

Housing Authority Programs
Akron Metropolitan Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in New Franklin, Ohio

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in New Franklin, Ohio. New Franklin features 0 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 0 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in New Franklin.

Sourced from federal housing data and AffordableHousingOnline.com research.

New Franklin, OH Affordable Housing Snapshot

Total Affordable Apartment Properties 0
Total Low Income Apartments 0
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 10.23%
Average Renter Household Size 2.20
Average Household Size 2.54
Median Household Income $67,142 ±$2,777
Median Rent $850 ±$37
Percentage Of Renters Overburdened 24.91% ± 7.97pp
Total Population 14,258

Population and Household Demographics

New Franklin is a City in Summit County, Ohio with a population of 14,258. There are 5,571 households in the city with an average household size of 2.54 persons. 10.23% of households in New Franklin are renters.

Income and Rent Overburden in New Franklin

The median gross income for households in New Franklin is $67,142 a year, or $5,595 a month. The median rent for the city is $850 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In New Franklin, a household making less than $2,833 a month would be considered overburdened when renting an apartment at or above the median rent. 24.91% of households who rent are overburdened in New Franklin.1

Area Median Income In New Franklin

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 New Franklin, the AMI is calculated from all households within Summit County.

In New Franklin, HUD calculates the Area Median Income for a family of four as $72,300

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 New Franklin

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 New Franklin HUD Rental Assistance in New Franklin

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,200 $17,400 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $25,350 $28,950 $32,550 $36,150 $39,050 $41,950 $44,850 $47,750
80% of Median $40,500 $46,300 $52,100 $57,850 $62,500 $67,150 $71,750 $76,400
Fair Market Rents in New Franklin

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$557 $659 $847 $1,065 $1,147