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Affordable Housing In Bonham
Fannin County, Texas

5 Low Income Apartment Communities In Bonham

Katy Creek Retirement Village

401 Bicentennial
Bonham, Texas
Call For Rent
1-2 BR
Subsidized
62+

Bonham Apartments

1100 East 6th Street
Bonham, Texas
Call For Rent
1-2 BR

Bonham Village

1201 W 10th
Bonham, Texas
Call For Rent
2-3 BR

Pecan Place Apartments

1600 Pecan St
Bonham, Texas
Subsidized
62+
Accessible
Elderly Supportive Housing

1203 Chinner St

1203 Chinner St
Bonham, Texas
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Housing Authorities that serve Bonham

Housing Authority Programs
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
Total Population 10,044

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