Affordable Housing In Oklahoma City
Oklahoma County,
Oklahoma
Oklahoma City city limits extend into Cleveland County, Canadian County, Oklahoma County, and Pottawatomie County.
81 Low Income Apartment Communities In Oklahoma City
Southwoods
Brooke Village Senior Apartments
Meadow Cliff Apartments I & II
Housing Authorities that serve Oklahoma City
| Housing Authority | Programs |
|---|---|
| Oklahoma City Housing Authority | Section 8 Housing Choice Voucher (HCV); Public Housing; Rental Assistance Demonstration (RAD) |
| Oklahoma Housing Finance Agency | Section 8 Housing Choice Voucher (HCV) |
Guide To Affordable Housing in Oklahoma City, Oklahoma
According to federal housing data and AffordableHousingOnline.com research, there are 81 low income housing apartment communities offering 8,394 affordable apartments for rent in Oklahoma City, Oklahoma. Oklahoma City features 4,061 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 4,273 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Oklahoma City.
Oklahoma City, OK Affordable Housing Snapshot
| Total Affordable Apartment Properties | 81 |
|---|---|
| Total Low Income Apartments | 8,394 |
| Total Housing Units with Rental Assistance | 4,061 |
| Percentage of Housing Units Occupied By Renters | 41.76% |
| Average Renter Household Size | 2.41 |
| Average Household Size | 2.57 |
| Median Household Income | $47,779 ±$760 |
| Median Rent | $778 ±$7 |
| Percentage Of Renters Overburdened | 45.86% ± 1.35pp |
| Total Population | 610,672 |
Population and Household Demographics
Oklahoma City is a City in Oklahoma County, Oklahoma with a population of 610,672. There are 232,254 households in the city with an average household size of 2.57 persons. 41.76% of households in Oklahoma City are renters.
Income and Rent Overburden in Oklahoma City
The median gross income for households in Oklahoma City is $47,779 a year, or $3,982 a month. The median rent for the city is $778 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Oklahoma City, a household making less than $2,593 a month would be considered overburdened when renting an apartment at or above the median rent. 45.86% of households who rent are overburdened in Oklahoma City.1
Area Median Income In Oklahoma City
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 Oklahoma City, the AMI is calculated from all households within Oklahoma County.
In Oklahoma City, 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 Oklahoma City
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 Oklahoma City HUD Rental Assistance in Oklahoma City
| 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 |
Low Income Housing Tax Credits in Oklahoma City
The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.
From 1992 to 2011, 25 low income apartment communities containing 4,080 rental apartments have been constructed and made affordable to low income persons in Oklahoma City by the Low Income Housing Tax Credit Program.
If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.
Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.
Income Qualifications for Low Income Housing Tax Credit Apartments in Oklahoma City
| Income | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| 50% of Median | $25,850 | $29,550 | $33,250 | $36,900 | $39,900 | $42,850 | $45,800 | $48,750 |
| 60% of Median | $31,020 | $35,460 | $39,900 | $44,280 | $47,880 | $51,420 | $54,960 | $58,500 |
For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Oklahoma City is $39,900 a year, or $3,325 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,325 by 30% to get a maximum rent of $998 a month.
Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.
| % of AMI | Studio | 1 Bed | 2 Bed | 3 Bed | 4 Bed | 5 Bed |
|---|---|---|---|---|---|---|
| 50% | $646 | $693 | $831 | $960 | $1,071 | $1,182 |
| 60% | $776 | $831 | $998 | $1,152 | $1,286 | $1,418 |
Fair Market Rents in Oklahoma City
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 |
|---|---|---|---|---|
| $684 | $724 | $906 | $1,231 | $1,506 |
