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There are 10 low-income apartments in Walnut Ridge that offer reduced rents to eligible households.
Rental assistance programs support 115 low-income homes in Walnut Ridge where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $238 towards rent each month.
Affordable rent data for some communities last confirmed on July 2nd, 2024. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Walnut Ridge, Arkansas
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.
| Housing Authority | Programs |
|---|---|
| Lawrence County Public Housing Agency | Section 8 Housing Choice Voucher (HCV) |
| Walnut Ridge Public Housing Agency | Section 8 Housing Choice Voucher (HCV) |
Walnut Ridge, Arkansas Affordable Housing Data
Income Based Apartments in Walnut Ridge, Arkansas
Walnut Ridge features 115 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 Walnut Ridge, Arkansas
There are 10 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Walnut Ridge.
Housing Choice Vouchers in Walnut Ridge, Arkansas
On average, Section 8 Housing Choice vouchers pay Walnut Ridge landlords $300 per month towards rent. The average voucher holder contributes $200 towards rent in Walnut Ridge.
The maximum amount a voucher would pay on behalf of a low-income tenant in Walnut Ridge, Arkansas for a two-bedroom apartment is between $733 and $895.
2024 Walnut 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 | |
|---|---|---|---|---|---|
| Walnut Ridge, Arkansas Fair Market Rent | $604 | $620 | $814 | $1,082 | $1,276 |
| Walnut Ridge, Arkansas Payment Standard Range | $544 to $664 | $558 to $682 | $733 to $895 | $974 to $1,190 | $1,148 to $1,404 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Walnut Ridge, AR Affordable Housing Snapshot
| Total Affordable Apartment Properties | 7 |
|---|---|
| Total Low Income Apartments | 127 |
| Total Housing Units with Rental Assistance | 115 |
| Percentage of Housing Units Occupied By Renters | 37.57% |
| Average Renter Household Size | 2.72 |
| Average Household Size | 2.40 |
| Median Household Income | $34,567 ±$8,523 |
| Median Rent | $588 ±$41 |
| Percentage Of Renters Overburdened | 45.32% ± 12.73pp |
| Total Population | 4,755 |
Population and Household Demographics
Walnut Ridge is a city in Lawrence County, Arkansas with a population of 4,755. There are 1,850 households in the city with an average household size of 2.40 persons. 37.57% of households in Walnut Ridge are renters.
Income and Rent Overburden in Walnut Ridge
The median gross income for households in Walnut Ridge is $34,567 a year, or $2,881 a month. The median rent for the city is $588 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Walnut Ridge, a household making less than $1,960 a month would be considered overburdened when renting an apartment at or above the median rent. 45.32% of households who rent are overburdened in Walnut Ridge.
Area Median Income In Walnut 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 Walnut Ridge, the AMI is calculated from all households within Lawrence County.
In Walnut Ridge, HUD calculates the Area Median Income for a family of four as $62,300
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 Walnut 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 Walnut 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 Walnut Ridge 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 Walnut Ridge 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 Walnut Ridge 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 |
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