Affordable Housing In Olton
Lamb County, Texas

1 Low Income Apartment Communities In Olton

Texas

13th B
Olton, TX
Accepts Vouchers
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Other Housing Authorities located in Olton

Housing Authority Programs
Housing Authority of Olton Public Housing

Guide To Affordable Housing in Olton, Texas

There are 1 low income housing apartment communities offering 12 affordable apartments for rent in Olton, Texas.

Income Based Apartments in Olton, Texas

Olton 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 Olton, Texas

There are 12 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Olton.

Housing Choice Vouchers in Olton, Texas

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Olton, Texas for a two-bedroom apartment is between $643 and $785.

2020 Olton, 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 $529 $627 $714 $893 $967
Payment Standard Range $476 to $582 $564 to $690 $643 to $785 $804 to $982 $870 to $1,064

Sourced from federal housing data and AffordableHousingOnline.com research.

Olton, TX Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 12
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 35.76%
Average Renter Household Size 2.57
Average Household Size 2.58
Median Household Income $31,522 ±$4,615
Median Rent $597 ±$34
Percentage Of Renters Overburdened 22.76% ± 10.62pp
Total Population 1,852

Population and Household Demographics

Olton is a City in Lamb County, Texas with a population of 1,852. There are 688 households in the city with an average household size of 2.58 persons. 35.76% of households in Olton are renters.

Income and Rent Overburden in Olton

The median gross income for households in Olton is $31,522 a year, or $2,627 a month. The median rent for the city is $597 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Olton, a household making less than $1,990 a month would be considered overburdened when renting an apartment at or above the median rent. 22.76% of households who rent are overburdened in Olton.1

Area Median Income In Olton

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 Olton, the AMI is calculated from all households within Lamb County.

In Olton, HUD calculates the Area Median Income for a family of four as $53,800

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 Olton

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 Olton HUD Rental Assistance in Olton

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 $30,170 $34,050 $36,400 $38,750
50% of Median $20,550 $23,500 $26,450 $29,350 $31,700 $34,050 $36,400 $38,750
80% of Median $32,900 $37,600 $42,300 $46,950 $50,750 $54,500 $58,250 $62,000