Affordable Housing In Young County

7 Low Income Apartment Communities In Young County

Western Heights Apartments

1416 W Elm St
Olney, TX

Highland West

302 W Main St
Olney, TX

M539114, Saint Michael Street

120 St Michaels Ct
Graham, TX
HCV Welcome

Highland West Apartments

1301 W Gray St
Olney, TX

Lone Oaks Apartments

1512 Carolina St
Graham, TX
HCV Welcome

Oak G and D

1018 Arbor St
Olney, TX

Northside Apartments

501 N Avenue G
Olney, TX
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Other Housing Authorities located in Young County

Housing Authority Programs
Housing Authority of Olney Public Housing
Housing Authority of Newcastle Public Housing

Guide To Affordable Housing in Young County, Texas

According to federal housing data and research, there are 7 low income housing apartment communities offering 521 affordable apartments for rent in Young County, Texas. Young County features 269 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 252 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Young County.

Young County, TX Affordable Housing Snapshot

Total Affordable Apartment Properties 7
Total Low Income Apartments 521
Total Housing Units with Rental Assistance 269
Percentage of Housing Units Occupied By Renters 22.52%
Average Renter Household Size 2.52
Average Household Size 2.54
Median Household Income $44,693 ±$5,179
Median Rent $622 ±$48
Percentage Of Renters Overburdened 34.08% ± 9.19pp
Total Population 18,329

Population and Household Demographics

Young County is a County in Texas with a population of 18,329. There are 7,115 households in the county with an average household size of 2.54 persons. 22.52% of households in Young County are renters.

Income and Rent Overburden in Young County

The median gross income for households in Young County is $44,693 a year, or $3,724 a month. The median rent for the county is $622 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Young County, a household making less than $2,073 a month would be considered overburdened when renting an apartment at or above the median rent. 34.08% of households who rent are overburdened in Young County.1

Area Median Income In Young County

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.

In Young County, HUD calculates the Area Median Income for a family of four as $62,300

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 Young County

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 Young County HUD Rental Assistance in Young County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $13,100 $16,910 $21,330 $25,750 $30,170 $34,590 $38,650 $41,150
50% of Median $21,850 $24,950 $28,050 $31,150 $33,650 $36,150 $38,650 $41,150
80% of Median $34,900 $39,900 $44,900 $49,850 $53,850 $57,850 $61,850 $65,850
Low Income Housing Tax Credits in Young County

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 1988 to 1998, 2 low income apartment communities containing 128 rental apartments have been constructed and made affordable to low income persons in Young County by the Low Income Housing Tax Credit Program.

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Young County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $21,850 $24,950 $28,050 $31,150 $33,650 $36,150 $38,650 $41,150
60% of Median $26,220 $29,940 $33,660 $37,380 $40,380 $43,380 $46,380 $49,380

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Young County is $33,660 a year, or $2,805 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,805 by 30% to get a maximum rent of $842 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $546 $585 $701 $810 $904 $998
60% $656 $702 $842 $972 $1,085 $1,197
Fair Market Rents in Young County

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$529 $542 $714 $956 $1,074

Cities In Young County

Select A City to View its Apartment Communities and Waiting Lists.

City Listings Served By
Olney 5 The HUD funded Public Housing Agency that serves Olney is the Housing Authority of Olney.
Graham 2
Newcastle 0