What HUD offices serve Hopewell City, Virginia?
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 Virginia Public Housing and Low-Income Apartments Waiting Lists page for openings near Hopewell City.
How many renters live in Hopewell City, Virginia?
The County of Hopewell City has 23,046 people living in 9,348 households.
There are 10,967 renters living in 4,341 renter households in this County. Renters make up 47.59 percent of the population living in Hopewell City.
What is the rental market like in Hopewell City, Virginia?
There are an estimated 10,415 housing units in the Hopewell City area. Of these, 4,412 units are rental homes, making up 42 percent of the housing market. For every renter household in Hopewell City, Virginia, there are 1 rental units.
What is the vacancy rate for rentals in Hopewell City?
The rental vacancy rate in Hopewell City is 1 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 Hopewell City for each bedroom size?
Occupied Rental Units by Size in Hopewell City
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 162 | 524 | 1,644 | 1,454 | 496 |
Occupied Rental Units by Size in Hopewell City
A large number of apartments in Hopewell City 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 Hopewell City are overburdened by housing costs?
Among renter households in this market, 49 percent have housing cost burden. Further, 30 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 Hopewell City
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,328 to $2,393. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,328 |
| One BR | $1,365 |
| Two BR | $1,532 |
| Three BR | $1,959 |
| Four BR | $2,393 |
2024 Fair Market Rents in Hopewell City, Virginia
How many units are rented at Fair Market Rent (FMR) in Hopewell City?
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 | 162 | 100 percent |
| One BR | 496 | 95 percent |
| Two BR | 1,548 | 94 percent |
Rental Units Below FMR in Hopewell City, Virginia
How many affordable rental units are in Hopewell City?
There are a variety of federal affordable housing programs serving households in Hopewell City, Virginia including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 222 |
| Public Housing | 256 |
| Section 8 Project-Based Rental Assistance | 150 |
| Section 202 Supportive Housing for the Elderly | 1 |
Tracked Units by Federal Program in Hopewell City, Virginia
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Hopewell City, Virginia
Hopewell City 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 Hopewell City, Virginia
There are 68 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Hopewell City.
Housing Choice Vouchers in Hopewell City, Virginia
On average, Section 8 Housing Choice vouchers pay Hopewell City landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Hopewell City.
The maximum amount a voucher would pay on behalf of a low-income tenant in Hopewell City, Virginia for a two-bedroom apartment is between $1,379 and $1,685.
Sourced from federal housing data and AffordableHousingOnline.com research.
