Merriwood Apartments
North Arkansas Senior Housing Gravette Bull Shoal
Lakewind Apartments
- «
- 1
- »
There are 0 low-income apartments in Bull Shoals that offer reduced rents to eligible households.
Rental assistance programs support 97 low-income homes in Bull Shoals where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $216 towards rent each month.
Affordable rent data for some communities last confirmed on June 7th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Bull Shoals, Arkansas Affordable Housing Data
Income Based Apartments in Bull Shoals, Arkansas
Bull Shoals features 97 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 Bull Shoals, Arkansas
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Bull Shoals.
Housing Choice Vouchers in Bull Shoals, Arkansas
On average, Section 8 Housing Choice vouchers pay Bull Shoals landlords $300 per month towards rent. The average voucher holder contributes $200 towards rent in Bull Shoals.
The maximum amount a voucher would pay on behalf of a low-income tenant in Bull Shoals, Arkansas for a two-bedroom apartment is between $767 and $937.
2024 Bull Shoals, Arkansas 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 | |
|---|---|---|---|---|---|
| Bull Shoals, Arkansas Fair Market Rent | $630 | $648 | $852 | $1,030 | $1,213 |
| Bull Shoals, Arkansas Payment Standard Range | $567 to $693 | $583 to $713 | $767 to $937 | $927 to $1,133 | $1,092 to $1,334 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Bull Shoals, AR Affordable Housing Snapshot
| Total Affordable Apartment Properties | 3 |
|---|---|
| Total Low Income Apartments | 97 |
| Total Housing Units with Rental Assistance | 97 |
| Percentage of Housing Units Occupied By Renters | 27.06% |
| Average Renter Household Size | 2.59 |
| Average Household Size | 2.23 |
| Median Household Income | $35,737 ±$3,576 |
| Median Rent | $627 ±$65 |
| Percentage Of Renters Overburdened | 39.45% ± 15.89pp |
| Total Population | 2,107 |
Population and Household Demographics
Bull Shoals is a city in Marion County, Arkansas with a population of 2,107. There are 946 households in the city with an average household size of 2.23 persons. 27.06% of households in Bull Shoals are renters.
Income and Rent Overburden in Bull Shoals
The median gross income for households in Bull Shoals is $35,737 a year, or $2,978 a month. The median rent for the city is $627 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Bull Shoals, a household making less than $2,090 a month would be considered overburdened when renting an apartment at or above the median rent. 39.45% of households who rent are overburdened in Bull Shoals.
Area Median Income In Bull Shoals
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 Bull Shoals, the AMI is calculated from all households within Marion County.
In Bull Shoals, HUD calculates the Area Median Income for a family of four as $55,100
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 Bull Shoals
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 Bull Shoals
| 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 Bull Shoals AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$14,580 | $19,720 | $24,860 | $30,000 | $34,250 | $36,800 | $39,350 | $41,850 |
| 50% AMI Income Limits Renters earning up to 50% of the Bull Shoals AMI may qualify for rental assistance programs that target Very Low Income households. |
$22,200 | $25,400 | $28,550 | $31,700 | $34,250 | $36,800 | $39,350 | $41,850 |
| 80% AMI Income Limits Renters earning up to 80% of the Bull Shoals AMI may qualify for rental assistance programs that target Low Income households. |
$35,500 | $40,600 | $45,650 | $50,700 | $54,800 | $58,850 | $62,900 | $66,950 |
© 2002-2024 ApartmentSmart.com, Inc.
Affordable Housing Online is not affiliated with any housing authority or apartment community, and does not manage any affordable housing programs.