Low Income Apartments For Rent in Olney, MD

There are 140 low-income apartments in Olney that offer reduced rents to eligible households. Low-income rents in Olney, Maryland can range from $597 to $1,487 depending on the number of bedrooms.

Rental assistance programs support 180 low-income homes in Olney where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $601 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.

Public Housing Agencies Serving Olney, Maryland

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
Housing Opportunities Commission of Montgomery County	Section 8 Housing Choice Voucher (HCV); Public Housing

Go to the Maryland Public Housing and Low-Income Apartments Waiting Lists page for openings near Olney.

Olney, Maryland Affordable Housing Data

Income Based Apartments in Olney, Maryland

Olney features 180 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 Olney, Maryland

There are 140 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Olney.

Housing Choice Vouchers in Olney, Maryland

On average, Section 8 Housing Choice vouchers pay Olney landlords $1,300 per month towards rent. The average voucher holder contributes $600 towards rent in Olney.

The maximum amount a voucher would pay on behalf of a low-income tenant in Olney, Maryland for a two-bedroom apartment is between $1,841 and $2,250.

2024 Olney, Maryland 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
Olney, Maryland Fair Market Rent	$1,772	$1,803	$2,045	$2,544	$3,015
Olney, Maryland Payment Standard Range	$1,595 to $1,949	$1,623 to $1,983	$1,841 to $2,250	$2,290 to $2,798	$2,714 to $3,317

Sourced from federal housing data and AffordableHousingOnline.com research.

Olney, MD Affordable Housing Snapshot

Total Affordable Apartment Properties 5

Total Low Income Apartments 320

Total Housing Units with Rental Assistance 180

Percentage of Housing Units Occupied By Renters 9.92%

Average Renter Household Size 2.70

Average Household Size 3.01

Median Household Income $133,121 ±$6,867

Median Rent $1,579 ±$176

Percentage Of Renters Overburdened 43.61% ± 12.54pp

Total Population 35,090

Total Affordable Apartment Properties	5
Total Low Income Apartments	320
Total Housing Units with Rental Assistance	180
Percentage of Housing Units Occupied By Renters	9.92%
Average Renter Household Size	2.70
Average Household Size	3.01
Median Household Income	$133,121 ±$6,867
Median Rent	$1,579 ±$176
Percentage Of Renters Overburdened	43.61% ± 12.54pp
Total Population	35,090

Population and Household Demographics

Olney is a city in Montgomery County, Maryland with a population of 35,090. There are 11,598 households in the city with an average household size of 3.01 persons. 9.92% of households in Olney are renters.

Income and Rent Overburden in Olney

The median gross income for households in Olney is $133,121 a year, or $11,093 a month. The median rent for the city is $1,579 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Olney, a household making less than $5,263 a month would be considered overburdened when renting an apartment at or above the median rent. 43.61% of households who rent are overburdened in Olney.

Area Median Income In Olney

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 Olney, the AMI is calculated from all households within Montgomery County.

In Olney, HUD calculates the Area Median Income for a family of four as $152,100

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 Olney

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 Olney

	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 Olney AMI may qualify for rental assistance programs that target Extremely Low Income households.	$31,650	$36,200	$40,700	$45,200	$48,850	$52,450	$56,050	$59,700
50% AMI Income Limits Renters earning up to 50% of the Olney AMI may qualify for rental assistance programs that target Very Low Income households.	$52,750	$60,300	$67,850	$75,350	$81,400	$87,450	$93,450	$99,500
80% AMI Income Limits Renters earning up to 80% of the Olney AMI may qualify for rental assistance programs that target Low Income households.	$66,750	$76,250	$85,800	$95,300	$102,950	$110,550	$118,200	$125,800