Low Income Apartments and Affordable Housing For Rent in Lorenzo, TX

Discover affordable housing in Lorenzo where there are 2+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Cottonwood Village

Cottonwood Village, Lorenzo, Texas 79343

Cottonwood Square

1401 5th St, Lorenzo, Texas

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Lorenzo, Texas
$21.08/hour
$13.83 (+191%) more than Texas minimum wage and $13.83 (+191%) more than the Federal minimum wage.
Learn More About Lorenzo, Texas Affordable Housing ↓

How many renters live in Lorenzo, Texas?

The City of Lorenzo has 878 people living in 311 households.

There are 263 renters living in 69 renter households in this City. Renters make up 29.95 percent of the population living in Lorenzo.

What is the rental market like in Lorenzo, Texas?

There are an estimated 404 housing units in the Lorenzo area. Of these, 109 units are rental homes, making up 27 percent of the housing market. For every renter household in Lorenzo, Texas, there are 2 rental units.

What is the vacancy rate for rentals in Lorenzo?

The rental vacancy rate in Lorenzo is 37 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.

How many rental units are in Lorenzo for each bedroom size?

Occupied Rental Units by Size in Lorenzo
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 7 17 39 6
Occupied Rental Units by Size in Lorenzo

A large number of apartments in Lorenzo have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Lorenzo are overburdened by housing costs?

Among renter households in this market, 28 percent have housing cost burden. Further, 10 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Lorenzo

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $778 to $1,829. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $778
One BR $931
Two BR $1,113
Three BR $1,551
Four BR $1,829
2024 Fair Market Rents in Lorenzo, Texas

How many units are rented at Fair Market Rent (FMR) in Lorenzo?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
One BR 7 100 percent
Two BR 7 41 percent
Rental Units Below FMR in Lorenzo, Texas

How many affordable rental units are in Lorenzo?

There are a variety of federal affordable housing programs serving households in Lorenzo, Texas including the following:

Federal Program Unit Count
USDA Section 515 Rural Rental Housing 20
Tracked Units by Federal Program in Lorenzo, Texas

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Lorenzo, Texas

Lorenzo features 60 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 Lorenzo, Texas

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

Housing Choice Vouchers in Lorenzo, Texas

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Lorenzo, Texas for a two-bedroom apartment is between $1,002 and $1,224.

Sourced from federal housing data and AffordableHousingOnline.com research.