Affordable Housing In Oakwood
1 Low Income Apartment Communities In Oakwood
Housing Authorities that serve Oakwood
|Cuyahoga Metropolitan Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing|
|Parma Public Housing Agency||Section 8 Housing Choice Voucher (HCV); Public Housing|
|Emerald Development And Economic Network||Mainstream Voucher; Shelter Plus Care|
Guide To Affordable Housing in Oakwood, Ohio
There are 1 low income housing apartment communities offering 4 affordable apartments for rent in Oakwood, Ohio.
Income Based Apartments in Oakwood, Ohio
Oakwood features 4 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 Oakwood, Ohio
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Oakwood.
Housing Choice Vouchers in Oakwood, Ohio
On average, Section 8 Housing Choice vouchers pay Oakwood landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Oakwood.
The maximum amount a voucher would pay on behalf of a low-income tenant in Oakwood, Ohio for a two-bedroom apartment is between $764 and $934.
2020 Oakwood, Ohio 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|
|Fair Market Rent||$585||$691||$849||$1,119||$1,174|
|Payment Standard Range||$527 to $644||$622 to $760||$764 to $934||$1,007 to $1,231||$1,057 to $1,291|
Sourced from federal housing data and AffordableHousingOnline.com research.
Oakwood, OH Affordable Housing Snapshot
|Total Affordable Apartment Properties||1|
|Total Low Income Apartments||4|
|Total Housing Units with Rental Assistance||4|
|Percentage of Housing Units Occupied By Renters||28.45%|
|Average Renter Household Size||1.36|
|Average Household Size||2.39|
|Median Household Income||$55,038 ±$11,011|
|Median Rent||$596 ±$116|
|Percentage Of Renters Overburdened||51.07% ± 21.27pp|
Population and Household Demographics
Oakwood is a City in Cuyahoga County, Ohio with a population of 3,689. There are 1,473 households in the city with an average household size of 2.39 persons. 28.45% of households in Oakwood are renters.
Income and Rent Overburden in Oakwood
The median gross income for households in Oakwood is $55,038 a year, or $4,587 a month. The median rent for the city is $596 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Oakwood, a household making less than $1,987 a month would be considered overburdened when renting an apartment at or above the median rent. 51.07% of households who rent are overburdened in Oakwood.1
Area Median Income In Oakwood
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 Oakwood, the AMI is calculated from all households within Cuyahoga County.
In Oakwood, HUD calculates the Area Median Income for a family of four as $73,700
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 Oakwood
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 Oakwood
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$15,500||$17,700||$21,330||$25,750||$30,170||$34,590||$39,010||$43,430|
|50% of Median||$25,800||$29,500||$33,200||$36,850||$39,800||$42,750||$45,700||$48,650|
|80% of Median||$41,300||$47,200||$53,100||$58,950||$63,700||$68,400||$73,100||$77,850|