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Affordable Housing In Ferrum
Franklin County, Virginia

Housing Authorities that serve Ferrum

Housing Authority Programs
Step Inc Section 8 Housing Choice Voucher (HCV)
Virginia Housing Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Ferrum, Virginia

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

Income Based Apartments in Ferrum, Virginia

Ferrum 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 Ferrum, Virginia

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

Housing Choice Vouchers in Ferrum, Virginia

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Ferrum, Virginia for a two-bedroom apartment is between $734 and $897.

2021 Ferrum, 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
Ferrum, Virginia Fair Market Rent $575 $618 $815 $1,014 $1,127
Ferrum, Virginia Payment Standard Range $518 to $633 $556 to $680 $734 to $897 $913 to $1,115 $1,014 to $1,240

Sourced from federal housing data and research.

Ferrum, 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 30.83%
Average Renter Household Size 2.49
Average Household Size 3.36
Median Household Income $39,375 ±$12,547
Median Rent $99 ±$0
Percentage Of Renters Overburdened 14.63% ± 34.35pp
Total Population 1,996

Population and Household Demographics

Ferrum is a city in Franklin County, Virginia with a population of 1,996. There are 266 households in the city with an average household size of 3.36 persons. 30.83% of households in Ferrum are renters.

Income and Rent Overburden in Ferrum

The median gross income for households in Ferrum is $39,375 a year, or $3,281 a month. The median rent for the city is $99 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Ferrum, a household making less than $330 a month would be considered overburdened when renting an apartment at or above the median rent. 14.63% of households who rent are overburdened in Ferrum.

Area Median Income In Ferrum

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 Ferrum, the AMI is calculated from all households within Franklin County.

In Ferrum, HUD calculates the Area Median Income for a family of four as $67,000

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 Ferrum

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 Ferrum

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 Ferrum AMI may qualify for rental assistance programs that target Extremely Low Income households.
$14,100 $17,420 $21,960 $26,500 $31,040 $35,580 $40,120 $44,250
50% AMI Income Limits
Renters earning up to 50% of the Ferrum AMI may qualify for rental assistance programs that target Very Low Income households.
$23,450 $26,800 $30,150 $33,500 $36,200 $38,900 $41,550 $44,250
80% AMI Income Limits
Renters earning up to 80% of the Ferrum AMI may qualify for rental assistance programs that target Low Income households.
$37,550 $42,900 $48,250 $53,600 $57,900 $62,200 $66,500 $70,800