Affordable Housing In Iron City
Housing Authorities that serve Iron City
|Tennessee Housing Development Agency Central Office||Section 8 Housing Choice Voucher (HCV); Mainstream Voucher|
|Tennessee Housing Development Agency South Central Tennessee Office||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Iron City, Tennessee
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Iron City, Tennessee.
Income Based Apartments in Iron City, Tennessee
Iron City 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 Iron City, Tennessee
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Iron City.
Housing Choice Vouchers in Iron City, Tennessee
On average, Section 8 Housing Choice vouchers pay Iron City landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Iron City.
The maximum amount a voucher would pay on behalf of a low-income tenant in Iron City, Tennessee for a two-bedroom apartment is between $592 and $724.
2020 Iron City, 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||$499||$538||$658||$863||$985|
|Payment Standard Range||$449 to $549||$484 to $592||$592 to $724||$777 to $949||$887 to $1,084|
Sourced from federal housing data and AffordableHousingOnline.com research.
Iron City, 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||47.31%|
|Average Renter Household Size||2.05|
|Average Household Size||2.24|
|Median Household Income||$20,547 ±$8,915|
|Median Rent||$0 ±$0|
|Percentage Of Renters Overburdened||27.27% ± 61.05pp|
Population and Household Demographics
Iron City is a City in Lawrence County, Tennessee with a population of 208. There are 93 households in the city with an average household size of 2.24 persons. 47.31% of households in Iron City are renters.
Income and Rent Overburden in Iron City
The median gross income for households in Iron City is $20,547 a year, or $1,712 a month. The median rent for the city is $0 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Iron City, a household making less than $0 a month would be considered overburdened when renting an apartment at or above the median rent. 27.27% of households who rent are overburdened in Iron City.1
Area Median Income In Iron 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 Iron City, the AMI is calculated from all households within Lawrence County.
In Iron City, HUD calculates the Area Median Income for a family of four as $51,000
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 Iron 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 HUD Rental Assistance in Iron City
|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|