What HUD offices serve New Market, 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 New Market.
How many renters live in New Market, Virginia?
The City of New Market has 2,162 people living in 1,041 households.
There are 1,089 renters living in 627 renter households in this City. Renters make up 50.37 percent of the population living in New Market.
What is the rental market like in New Market, Virginia?
There are an estimated 1,122 housing units in the New Market area. Of these, 641 units are rental homes, making up 57 percent of the housing market. For every renter household in New Market, Virginia, there are 1 rental units.
What is the vacancy rate for rentals in New Market?
The rental vacancy rate in New Market is 0 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 New Market for each bedroom size?
Occupied Rental Units by Size in New Market
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 21 | 253 | 293 | 33 | 27 |
Occupied Rental Units by Size in New Market
A large number of apartments in New Market 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 New Market are overburdened by housing costs?
Among renter households in this market, 30 percent have housing cost burden. Further, 14 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 New Market
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $754 to $1,494. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $754 |
| One BR | $848 |
| Two BR | $1,113 |
| Three BR | $1,488 |
| Four BR | $1,494 |
2024 Fair Market Rents in New Market, Virginia
How many units are rented at Fair Market Rent (FMR) in New Market?
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 | 21 | 100 percent |
| One BR | 229 | 91 percent |
| Two BR | 232 | 79 percent |
Rental Units Below FMR in New Market, Virginia
How many affordable rental units are in New Market?
There are a variety of federal affordable housing programs serving households in New Market, Virginia including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 116 |
| Section 8 Project-Based Rental Assistance | 39 |
| USDA Section 515 Rural Rental Housing | 74 |
Tracked Units by Federal Program in New Market, Virginia
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in New Market, Virginia
New Market features 74 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 New Market, Virginia
There are 76 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in New Market.
Housing Choice Vouchers in New Market, Virginia
On average, Section 8 Housing Choice vouchers pay New Market landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in New Market.
The maximum amount a voucher would pay on behalf of a low-income tenant in New Market, Virginia for a two-bedroom apartment is between $1,002 and $1,224.
Sourced from federal housing data and AffordableHousingOnline.com research.
