Affordable Housing In Altamont
Grundy County, Tennessee

Housing Authorities that serve Altamont

Housing Authority Programs
Southeast Tennessee Human Resource Agency Section 8 Housing Choice Voucher (HCV); Family Self-Sufficiency

Guide To Affordable Housing in Altamont, Tennessee

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Altamont, Tennessee.

Income Based Apartments in Altamont, Tennessee

Altamont 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 Altamont, Tennessee

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

Housing Choice Vouchers in Altamont, Tennessee

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Altamont, Tennessee for a two-bedroom apartment is between $584 and $714.

2020 Altamont, Tennessee 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 $492 $518 $649 $894 $969
Payment Standard Range $443 to $541 $466 to $570 $584 to $714 $805 to $983 $872 to $1,066

Sourced from federal housing data and AffordableHousingOnline.com research.

Altamont, TN 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 19.58%
Average Renter Household Size 2.35
Average Household Size 2.65
Median Household Income $25,641 ±$3,046
Median Rent $622 ±$180
Percentage Of Renters Overburdened 19.28% ± 28.35pp
Total Population 1,174

Population and Household Demographics

Altamont is a City in Grundy County, Tennessee with a population of 1,174. There are 424 households in the city with an average household size of 2.65 persons. 19.58% of households in Altamont are renters.

Income and Rent Overburden in Altamont

The median gross income for households in Altamont is $25,641 a year, or $2,137 a month. The median rent for the city is $622 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Altamont, a household making less than $2,073 a month would be considered overburdened when renting an apartment at or above the median rent. 19.28% of households who rent are overburdened in Altamont.1

Area Median Income In Altamont

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 Altamont, the AMI is calculated from all households within Grundy County.

In Altamont, HUD calculates the Area Median Income for a family of four as $39,700

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 Altamont

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 Altamont

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,490 $16,910 $21,330 $25,750 $28,350 $30,450 $32,550 $34,650
50% of Median $18,400 $21,000 $23,650 $26,250 $28,350 $30,450 $32,550 $34,650
80% of Median $29,400 $33,600 $37,800 $42,000 $45,400 $48,750 $52,100 $55,450