Affordable Housing In Cave Spring
Roanoke County, Virginia

Guide To Affordable Housing in Cave Spring, Virginia

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Cave Spring, Virginia.

Income Based Apartments in Cave Spring, Virginia

Cave Spring 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 Cave Spring, Virginia

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Cave Spring.

Housing Choice Vouchers in Cave Spring, Virginia

On average, Section 8 Housing Choice vouchers pay Cave Spring landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Cave Spring.

The maximum amount a voucher would pay on behalf of a low-income tenant in Cave Spring, Virginia for a two-bedroom apartment is between $791 and $967.

2022 Cave Spring, Virginia 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
Cave Spring, Virginia Fair Market Rent $617 $700 $879 $1,187 $1,316
Cave Spring, Virginia Payment Standard Range $555 to $679 $630 to $770 $791 to $967 $1,068 to $1,306 $1,184 to $1,448

Sourced from federal housing data and research.

Cave Spring, VA 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 34.32%
Average Renter Household Size 1.98
Average Household Size 2.24
Median Household Income $63,487 ±$5,126
Median Rent $891 ±$30
Percentage Of Renters Overburdened 36.59% ± 7.42pp
Total Population 25,554

Population and Household Demographics

Cave Spring is a city in Roanoke County, Virginia with a population of 25,554. There are 11,411 households in the city with an average household size of 2.24 persons. 34.32% of households in Cave Spring are renters.

Income and Rent Overburden in Cave Spring

The median gross income for households in Cave Spring is $63,487 a year, or $5,291 a month. The median rent for the city is $891 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Cave Spring, a household making less than $2,970 a month would be considered overburdened when renting an apartment at or above the median rent. 36.59% of households who rent are overburdened in Cave Spring.

Area Median Income In Cave Spring

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 Cave Spring, the AMI is calculated from all households within Roanoke County.

In Cave Spring, HUD calculates the Area Median Income for a family of four as $86,300

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 Cave Spring

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 HUD Rental Assistance in Cave Spring

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% AMI Income Limits
Renters earning up to 30% of the Cave Spring AMI may qualify for rental assistance programs that target Extremely Low Income households.
$18,150 $20,750 $23,350 $27,750 $32,470 $37,190 $41,910 $46,630
50% AMI Income Limits
Renters earning up to 50% of the Cave Spring AMI may qualify for rental assistance programs that target Very Low Income households.
$30,250 $34,550 $38,850 $43,150 $46,650 $50,100 $53,550 $57,000
80% AMI Income Limits
Renters earning up to 80% of the Cave Spring AMI may qualify for rental assistance programs that target Low Income households.
$48,350 $55,250 $62,150 $69,050 $74,600 $80,100 $85,650 $91,150