Affordable Housing In Panorama Village
Guide To Affordable Housing in Panorama Village, Texas
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Panorama Village, Texas.
Income Based Apartments in Panorama Village, Texas
Panorama Village 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 Panorama Village, Texas
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Panorama Village.
Housing Choice Vouchers in Panorama Village, Texas
On average, Section 8 Housing Choice vouchers pay Panorama Village landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Panorama Village.
The maximum amount a voucher would pay on behalf of a low-income tenant in Panorama Village, Texas for a two-bedroom apartment is between $986 and $1,206.
2020 Panorama Village, 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||$826||$908||$1,096||$1,485||$1,878|
|Payment Standard Range||$743 to $909||$817 to $999||$986 to $1,206||$1,337 to $1,634||$1,690 to $2,066|
Sourced from federal housing data and AffordableHousingOnline.com research.
Panorama Village, 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||12.96%|
|Average Renter Household Size||2.53|
|Average Household Size||2.02|
|Median Household Income||$61,250 ±$10,895|
|Median Rent||$1,375 ±$210|
|Percentage Of Renters Overburdened||51.16% ± 29pp|
Population and Household Demographics
Panorama Village is a City in Montgomery County, Texas with a population of 2,013. There are 995 households in the city with an average household size of 2.02 persons. 12.96% of households in Panorama Village are renters.
Income and Rent Overburden in Panorama Village
The median gross income for households in Panorama Village is $61,250 a year, or $5,104 a month. The median rent for the city is $1,375 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Panorama Village, a household making less than $4,583 a month would be considered overburdened when renting an apartment at or above the median rent. 51.16% of households who rent are overburdened in Panorama Village.1
Area Median Income In Panorama Village
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 Panorama Village, the AMI is calculated from all households within Montgomery County.
In Panorama Village, HUD calculates the Area Median Income for a family of four as $76,300
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 Panorama Village
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 Panorama Village HUD Rental Assistance in Panorama Village
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$16,050||$18,350||$21,330||$25,750||$30,170||$34,590||$39,010||$43,430|
|50% of Median||$26,750||$30,550||$34,350||$38,150||$41,250||$44,300||$47,350||$50,400|
|80% of Median||$42,750||$48,850||$54,950||$61,050||$65,950||$70,850||$75,750||$80,600|