Affordable Housing In Bonham
5 Low Income Apartment Communities In Bonham
Housing Authorities that serve Bonham
|Housing Authority of Bonham||Public Housing|
|Texoma Council of Governments||Section 8 Housing Choice Voucher (HCV); Homeownership Voucher; Family Self-Sufficiency|
Guide To Affordable Housing in Bonham, Texas
There are 5 low income housing apartment communities offering 249 affordable apartments for rent in Bonham, Texas.
Income Based Apartments in Bonham, Texas
Bonham features 184 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 Bonham, Texas
There are 65 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Bonham.
Housing Choice Vouchers in Bonham, Texas
On average, Section 8 Housing Choice vouchers pay Bonham landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Bonham.
The maximum amount a voucher would pay on behalf of a low-income tenant in Bonham, Texas for a two-bedroom apartment is between $668 and $816.
2020 Bonham, Texas 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||$550||$563||$742||$1,039||$1,133|
|Payment Standard Range||$495 to $605||$507 to $619||$668 to $816||$935 to $1,143||$1,020 to $1,246|
Sourced from federal housing data and AffordableHousingOnline.com research.
Bonham, TX Affordable Housing Snapshot
|Total Affordable Apartment Properties||5|
|Total Low Income Apartments||249|
|Total Housing Units with Rental Assistance||184|
|Percentage of Housing Units Occupied By Renters||43.28%|
|Average Renter Household Size||2.77|
|Average Household Size||2.48|
|Median Household Income||$36,587 ±$5,885|
|Median Rent||$689 ±$44|
|Percentage Of Renters Overburdened||48.05% ± 12.26pp|
Population and Household Demographics
Bonham is a city in Fannin County, Texas with a population of 10,044. There are 2,900 households in the city with an average household size of 2.48 persons. 43.28% of households in Bonham are renters.
Income and Rent Overburden in Bonham
The median gross income for households in Bonham is $36,587 a year, or $3,049 a month. The median rent for the city is $689 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Bonham, a household making less than $2,297 a month would be considered overburdened when renting an apartment at or above the median rent. 48.05% of households who rent are overburdened in Bonham.
Area Median Income In Bonham
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 Bonham, the AMI is calculated from all households within Fannin County.
In Bonham, HUD calculates the Area Median Income for a family of four as $63,200
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 Bonham
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 Bonham
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$13,300||$17,240||$21,720||$26,200||$30,680||$35,160||$39,200||$41,750|
|50% of Median||$22,150||$25,300||$28,450||$31,600||$34,150||$36,700||$39,200||$41,750|
|80% of Median||$35,400||$40,450||$45,500||$50,550||$54,600||$58,650||$62,700||$66,750|