How many renters live in Norton City, Virginia?
The County of Norton City has 3,668 people living in 1,592 households.
There are 1,572 renters living in 748 renter households in this County. Renters make up 42.86 percent of the population living in Norton City.
What is the rental market like in Norton City, Virginia?
There are an estimated 1,864 housing units in the Norton City area. Of these, 837 units are rental homes, making up 45 percent of the housing market. For every renter household in Norton City, Virginia, there are 1 rental units.
What is the vacancy rate for rentals in Norton City?
The rental vacancy rate in Norton City is 8 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Norton City for each bedroom size?
Occupied Rental Units by Size in Norton City
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 212 | 326 | 207 | 3 |
Occupied Rental Units by Size in Norton City
A large number of apartments in Norton 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 Norton City are overburdened by housing costs?
Among renter households in this market, 37 percent have housing cost burden. Further, 28 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 Norton City
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $730 to $1,536. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $730 |
| One BR | $734 |
| Two BR | $905 |
| Three BR | $1,234 |
| Four BR | $1,536 |
2024 Fair Market Rents in Norton City, Virginia
How many units are rented at Fair Market Rent (FMR) in Norton 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 |
| One BR | 210 | 99 percent |
| Two BR | 241 | 74 percent |
Rental Units Below FMR in Norton City, Virginia
How many affordable rental units are in Norton City?
There are a variety of federal affordable housing programs serving households in Norton City, Virginia including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 95 |
| Public Housing | 218 |
Tracked Units by Federal Program in Norton City, Virginia
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Norton City, Virginia
Norton 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 Norton City, Virginia
There are 38 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Norton City.
Housing Choice Vouchers in Norton City, Virginia
On average, Section 8 Housing Choice vouchers pay Norton City landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Norton City.
The maximum amount a voucher would pay on behalf of a low-income tenant in Norton City, Virginia for a two-bedroom apartment is between $815 and $996.
Sourced from federal housing data and AffordableHousingOnline.com research.
