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There are 0 low-income apartments in Hickory Ridge that offer reduced rents to eligible households.
Rental assistance programs support 16 low-income homes in Hickory Ridge where households pay rent based on how much they earn.
Affordable rent data for some communities last confirmed on October 30th, 2019. Subdsidized rents typically change once a year based on federal guidance.
Hickory Ridge, Arkansas Affordable Housing Data
Income Based Apartments in Hickory Ridge, Arkansas
Hickory Ridge features 16 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 Hickory Ridge, Arkansas
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Hickory Ridge.
Housing Choice Vouchers in Hickory Ridge, Arkansas
On average, Section 8 Housing Choice vouchers pay Hickory Ridge landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Hickory Ridge.
The maximum amount a voucher would pay on behalf of a low-income tenant in Hickory Ridge, Arkansas for a two-bedroom apartment is between $733 and $895.
2024 Hickory Ridge, 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 | |
|---|---|---|---|---|---|
| Hickory Ridge, Arkansas Fair Market Rent | $604 | $620 | $814 | $1,147 | $1,381 |
| Hickory Ridge, Arkansas Payment Standard Range | $544 to $664 | $558 to $682 | $733 to $895 | $1,032 to $1,262 | $1,243 to $1,519 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Hickory Ridge, AR Affordable Housing Snapshot
| Total Affordable Apartment Properties | 1 |
|---|---|
| Total Low Income Apartments | 16 |
| Total Housing Units with Rental Assistance | 16 |
| Percentage of Housing Units Occupied By Renters | 34.23% |
| Average Renter Household Size | 1.50 |
| Average Household Size | 2.10 |
| Median Household Income | $31,875 ±$7,717 |
| Median Rent | $165 ±$34 |
| Percentage Of Renters Overburdened | 10.53% ± 44.02pp |
| Total Population | 233 |
Population and Household Demographics
Hickory Ridge is a city in Cross County, Arkansas with a population of 233. There are 111 households in the city with an average household size of 2.10 persons. 34.23% of households in Hickory Ridge are renters.
Income and Rent Overburden in Hickory Ridge
The median gross income for households in Hickory Ridge is $31,875 a year, or $2,656 a month. The median rent for the city is $165 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Hickory Ridge, a household making less than $550 a month would be considered overburdened when renting an apartment at or above the median rent. 10.53% of households who rent are overburdened in Hickory Ridge.
Area Median Income In Hickory Ridge
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 Hickory Ridge, the AMI is calculated from all households within Cross County.
In Hickory Ridge, HUD calculates the Area Median Income for a family of four as $69,300
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 Hickory Ridge
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 Hickory Ridge
| 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 Hickory Ridge AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$14,580 | $19,720 | $24,860 | $30,000 | $35,140 | $39,050 | $41,750 | $44,450 |
| 50% AMI Income Limits Renters earning up to 50% of the Hickory Ridge AMI may qualify for rental assistance programs that target Very Low Income households. |
$23,600 | $26,950 | $30,300 | $33,650 | $36,350 | $39,050 | $41,750 | $44,450 |
| 80% AMI Income Limits Renters earning up to 80% of the Hickory Ridge AMI may qualify for rental assistance programs that target Low Income households. |
$37,700 | $43,100 | $48,500 | $53,850 | $58,200 | $62,500 | $66,800 | $71,100 |
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