What HUD offices serve Savoy, 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.
Go to the Texas Public Housing and Low-Income Apartments Waiting Lists page for openings near Savoy.
How many renters live in Savoy, Texas?
The City of Savoy has 961 people living in 304 households.
There are 336 renters living in 110 renter households in this City. Renters make up 34.96 percent of the population living in Savoy.
What is the rental market like in Savoy, Texas?
There are an estimated 369 housing units in the Savoy area. Of these, 114 units are rental homes, making up 31 percent of the housing market. For every renter household in Savoy, Texas, there are 1 rental units.
What is the vacancy rate for rentals in Savoy?
The rental vacancy rate in Savoy is 4 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Savoy for each bedroom size?
Occupied Rental Units by Size in Savoy
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 7 | 12 | 29 | 49 | 11 |
Occupied Rental Units by Size in Savoy
A large number of apartments in Savoy 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 Savoy are overburdened by housing costs?
Among renter households in this market, 14 percent have housing cost burden. Further, 2 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 Savoy
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $754 to $1,665. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $754 |
| One BR | $759 |
| Two BR | $997 |
| Three BR | $1,405 |
| Four BR | $1,665 |
2024 Fair Market Rents in Savoy, Texas
How many units are rented at Fair Market Rent (FMR) in Savoy?
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 | 7 | 100 percent |
| One BR | 12 | 100 percent |
| Two BR | 21 | 72 percent |
Rental Units Below FMR in Savoy, Texas
How many affordable rental units are in Savoy?
Income Based Apartments in Savoy, Texas
Savoy features 25 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 Savoy, Texas
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Savoy.
Housing Choice Vouchers in Savoy, Texas
On average, Section 8 Housing Choice vouchers pay Savoy landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Savoy.
The maximum amount a voucher would pay on behalf of a low-income tenant in Savoy, Texas for a two-bedroom apartment is between $897 and $1,097.
Sourced from federal housing data and AffordableHousingOnline.com research.
