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There are 0 low-income apartments in Silver Creek that offer reduced rents to eligible households.
Rental assistance programs support 16 low-income homes in Silver Creek 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.
Silver Creek, Nebraska Affordable Housing Data
Income Based Apartments in Silver Creek, Nebraska
Silver Creek 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 Silver Creek, Nebraska
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Silver Creek.
Housing Choice Vouchers in Silver Creek, Nebraska
On average, Section 8 Housing Choice vouchers pay Silver Creek landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Silver Creek.
The maximum amount a voucher would pay on behalf of a low-income tenant in Silver Creek, Nebraska for a two-bedroom apartment is between $785 and $959.
2024 Silver Creek, Nebraska 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 | |
|---|---|---|---|---|---|
| Silver Creek, Nebraska Fair Market Rent | $609 | $711 | $872 | $1,147 | $1,292 |
| Silver Creek, Nebraska Payment Standard Range | $548 to $670 | $640 to $782 | $785 to $959 | $1,032 to $1,262 | $1,163 to $1,421 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Silver Creek, NE Affordable Housing Snapshot
| Total Affordable Apartment Properties | 2 |
|---|---|
| Total Low Income Apartments | 16 |
| Total Housing Units with Rental Assistance | 16 |
| Percentage of Housing Units Occupied By Renters | 12.73% |
| Average Renter Household Size | 3.19 |
| Average Household Size | 2.41 |
| Median Household Income | $41,583 ±$4,909 |
| Median Rent | $925 ±$104 |
| Percentage Of Renters Overburdened | 61.9% ± 78.77pp |
| Total Population | 397 |
Population and Household Demographics
Silver Creek is a city in Merrick County, Nebraska with a population of 397. There are 165 households in the city with an average household size of 2.41 persons. 12.73% of households in Silver Creek are renters.
Income and Rent Overburden in Silver Creek
The median gross income for households in Silver Creek is $41,583 a year, or $3,465 a month. The median rent for the city is $925 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Silver Creek, a household making less than $3,083 a month would be considered overburdened when renting an apartment at or above the median rent. 61.9% of households who rent are overburdened in Silver Creek.
Area Median Income In Silver Creek
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 Silver Creek, the AMI is calculated from all households within Merrick County.
In Silver Creek, HUD calculates the Area Median Income for a family of four as $86,900
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 Silver Creek
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 Silver Creek
| 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 Silver Creek AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$18,000 | $20,600 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Silver Creek AMI may qualify for rental assistance programs that target Very Low Income households. |
$30,000 | $34,250 | $38,550 | $42,800 | $46,250 | $49,650 | $53,100 | $56,500 |
| 80% AMI Income Limits Renters earning up to 80% of the Silver Creek AMI may qualify for rental assistance programs that target Low Income households. |
$47,950 | $54,800 | $61,650 | $68,500 | $74,000 | $79,500 | $84,950 | $90,450 |
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