Affordable Housing In Nichols Hills
Oklahoma County, Oklahoma

Housing Authorities that serve Nichols Hills

Housing Authority Programs
Oklahoma Housing Finance Agency Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Nichols Hills, Oklahoma

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Nichols Hills, Oklahoma.

Income Based Apartments in Nichols Hills, Oklahoma

Nichols Hills 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 Nichols Hills, Oklahoma

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

Housing Choice Vouchers in Nichols Hills, Oklahoma

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Nichols Hills, Oklahoma for a two-bedroom apartment is between $815 and $997.

2020 Nichols Hills, Oklahoma 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 $684 $724 $906 $1,231 $1,506
Payment Standard Range $616 to $752 $652 to $796 $815 to $997 $1,108 to $1,354 $1,355 to $1,657

Sourced from federal housing data and research.

Nichols Hills, OK 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 17.8%
Average Renter Household Size 1.94
Average Household Size 2.26
Median Household Income $123,542 ±$15,631
Median Rent $977 ±$172
Percentage Of Renters Overburdened 34.44% ± 22.14pp
Total Population 3,839

Population and Household Demographics

Nichols Hills is a City in Oklahoma County, Oklahoma with a population of 3,839. There are 1,697 households in the city with an average household size of 2.26 persons. 17.8% of households in Nichols Hills are renters.

Income and Rent Overburden in Nichols Hills

The median gross income for households in Nichols Hills is $123,542 a year, or $10,295 a month. The median rent for the city is $977 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Nichols Hills, a household making less than $3,257 a month would be considered overburdened when renting an apartment at or above the median rent. 34.44% of households who rent are overburdened in Nichols Hills.1

Area Median Income In Nichols Hills

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 Nichols Hills, the AMI is calculated from all households within Oklahoma County.

In Nichols Hills, HUD calculates the Area Median Income for a family of four as $73,800

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 Nichols Hills

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 Nichols Hills

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,550 $17,750 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $25,850 $29,550 $33,250 $36,900 $39,900 $42,850 $45,800 $48,750
80% of Median $41,350 $47,250 $53,150 $59,050 $63,800 $68,500 $73,250 $77,950