Affordable Housing In Paloma Creek South
Housing Authorities that serve Paloma Creek South
|Texas Department of Housing and Community Affairs||Section 8 Housing Choice Voucher (HCV)|
|Dallas Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing; Section 8 Project-Based Voucher (PBV)|
Guide To Affordable Housing in Paloma Creek South, Texas
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Paloma Creek South, Texas.
Income Based Apartments in Paloma Creek South, Texas
Paloma Creek South 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 Paloma Creek South, Texas
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Paloma Creek South.
Housing Choice Vouchers in Paloma Creek South, Texas
On average, Section 8 Housing Choice vouchers pay Paloma Creek South landlords $900 per month towards rent. The average voucher holder contributes $400 towards rent in Paloma Creek South.
The maximum amount a voucher would pay on behalf of a low-income tenant in Paloma Creek South, Texas for a two-bedroom apartment is between $1,183 and $1,445.
2020 Paloma Creek South, 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||$957||$1,093||$1,314||$1,727||$2,262|
|Payment Standard Range||$861 to $1,053||$984 to $1,202||$1,183 to $1,445||$1,554 to $1,900||$2,036 to $2,488|
Sourced from federal housing data and AffordableHousingOnline.com research.
Paloma Creek South, TX 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||12.06%|
|Average Renter Household Size||2.51|
|Average Household Size||3.07|
|Median Household Income||$107,873 ±$17,538|
|Median Rent||$1,891 ±$268|
|Percentage Of Renters Overburdened||33.17% ± 32.56pp|
Population and Household Demographics
Paloma Creek South is a City in Denton County, Texas with a population of 5,141. There are 1,675 households in the city with an average household size of 3.07 persons. 12.06% of households in Paloma Creek South are renters.
Income and Rent Overburden in Paloma Creek South
The median gross income for households in Paloma Creek South is $107,873 a year, or $8,989 a month. The median rent for the city is $1,891 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Paloma Creek South, a household making less than $6,303 a month would be considered overburdened when renting an apartment at or above the median rent. 33.17% of households who rent are overburdened in Paloma Creek South.1
Area Median Income In Paloma Creek South
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 Paloma Creek South, the AMI is calculated from all households within Denton County.
In Paloma Creek South, HUD calculates the Area Median Income for a family of four as $83,100
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 Paloma Creek South
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 Paloma Creek South HUD Rental Assistance in Paloma Creek South
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$17,500||$20,000||$22,500||$25,750||$30,170||$34,590||$39,010||$43,430|
|50% of Median||$29,100||$33,250||$37,400||$41,550||$44,900||$48,200||$51,550||$54,850|
|80% of Median||$46,550||$53,200||$59,850||$66,500||$71,850||$77,150||$82,500||$87,800|