Affordable Housing In The Village
Housing Authorities that serve The Village
|Oklahoma Housing Finance Agency||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in The Village, Oklahoma
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in The Village, Oklahoma.
Income Based Apartments in The Village, Oklahoma
The Village 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 The Village, Oklahoma
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in The Village.
Housing Choice Vouchers in The Village, Oklahoma
On average, Section 8 Housing Choice vouchers pay The Village landlords $500 per month towards rent. The average voucher holder contributes $400 towards rent in The Village.
The maximum amount a voucher would pay on behalf of a low-income tenant in The Village, Oklahoma for a two-bedroom apartment is between $815 and $997.
2020 The Village, 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 AffordableHousingOnline.com research.
The Village, 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||29.65%|
|Average Renter Household Size||2.36|
|Average Household Size||2.05|
|Median Household Income||$51,189 ±$5,455|
|Median Rent||$975 ±$76|
|Percentage Of Renters Overburdened||36.92% ± 8.96pp|
Population and Household Demographics
The Village is a City in Oklahoma County, Oklahoma with a population of 9,223. There are 4,486 households in the city with an average household size of 2.05 persons. 29.65% of households in The Village are renters.
Income and Rent Overburden in The Village
The median gross income for households in The Village is $51,189 a year, or $4,266 a month. The median rent for the city is $975 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In The Village, a household making less than $3,250 a month would be considered overburdened when renting an apartment at or above the median rent. 36.92% of households who rent are overburdened in The Village.1
Area Median Income In The Village
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 The Village, the AMI is calculated from all households within Oklahoma County.
In The Village, 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 The Village
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 The Village
|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|