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

Discover affordable housing in Princeton where there are 5+ 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.

Colonial Terrace Apartments

165 S 4th St, Princeton, Texas 75407

Yorkshire Place Apartments

217 Yorkshire Dr, Princeton, Texas 75407

Cypress Creek at Hazelwood Street

899 East Hazelwood Street, Princeton, Texas 75407

Princeton Arms Apartments

133 S 4th St, Princeton, Texas 75407

320 McKinney Ave

320 McKinney Ave, Princeton, Texas 75407

calendar_today Opened: Jan 21
Open Until Further Notice

Reported On February 23rd, 2024 by Lorena Bentley

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Princeton, Texas
$33.30/hour
$26.05 (+359%) more than Texas minimum wage and $26.05 (+359%) more than the Federal minimum wage.
Learn More About Princeton, Texas Affordable Housing ↓

What HUD offices serve Princeton, Texas?

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Operates the Section 8 Housing Choice Voucher (HCV), Public Housing, Section 8 Project-Based Voucher (PBV), Mainstream Voucher programs for Princeton, Texas.
Operates the Public Housing programs for Princeton, Texas.

Go to the Texas Public Housing and Low-Income Apartments Waiting Lists page for openings near Princeton.

How many renters live in Princeton, Texas?

The City of Princeton has 18,441 people living in 5,853 households.

There are 3,663 renters living in 1,251 renter households in this City. Renters make up 19.86 percent of the population living in Princeton.

What is the rental market like in Princeton, Texas?

There are an estimated 6,041 housing units in the Princeton area. Of these, 1,361 units are rental homes, making up 23 percent of the housing market. For every renter household in Princeton, Texas, there are 1 rental units.

What is the vacancy rate for rentals in Princeton?

The rental vacancy rate in Princeton is 8 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 Princeton for each bedroom size?

Occupied Rental Units by Size in Princeton
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
234 112 168 334 372
Occupied Rental Units by Size in Princeton

A large number of apartments in Princeton 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 Princeton are overburdened by housing costs?

Among renter households in this market, 55 percent have housing cost burden. Further, 26 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 Princeton

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,426 to $2,847. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $1,426
One BR $1,500
Two BR $1,758
Three BR $2,212
Four BR $2,847
2024 Fair Market Rents in Princeton, Texas

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

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
Studio 153 65 percent
One BR 73 65 percent
Two BR 144 86 percent
Rental Units Below FMR in Princeton, Texas

How many affordable rental units are in Princeton?

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

Federal Program Unit Count
Low Income Housing Tax Credit 104
Section 202 Supportive Housing for the Elderly 1
USDA Section 515 Rural Rental Housing 80
Tracked Units by Federal Program in Princeton, Texas

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

Income Based Apartments in Princeton, Texas

Princeton features 120 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 Princeton, Texas

There are 188 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Princeton.

Housing Choice Vouchers in Princeton, Texas

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Princeton, Texas for a two-bedroom apartment is between $1,582 and $1,934.

Sourced from federal housing data and AffordableHousingOnline.com research.