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There are 0 low-income apartments in Basking Ridge that offer reduced rents to eligible households.
Rental assistance programs support 40 low-income homes in Basking Ridge where households pay rent based on how much they earn.
Affordable rent data for some communities last confirmed on August 6th, 2021. Subdsidized rents typically change once a year based on federal guidance.
Basking Ridge, New Jersey Affordable Housing Data
Income Based Apartments in Basking Ridge, New Jersey
Basking Ridge features 40 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 Basking Ridge, New Jersey
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Basking Ridge.
Housing Choice Vouchers in Basking Ridge, New Jersey
On average, Section 8 Housing Choice vouchers pay Basking Ridge landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Basking Ridge.
The maximum amount a voucher would pay on behalf of a low-income tenant in Basking Ridge, New Jersey for a two-bedroom apartment is between $2,048 and $2,504.
2024 Basking Ridge, New Jersey 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 | |
|---|---|---|---|---|---|
| Basking Ridge, New Jersey Fair Market Rent | $1,608 | $1,807 | $2,276 | $2,756 | $3,031 |
| Basking Ridge, New Jersey Payment Standard Range | $1,447 to $1,769 | $1,626 to $1,988 | $2,048 to $2,504 | $2,480 to $3,032 | $2,728 to $3,334 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Area Median Income In Basking 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 Basking Ridge, the AMI is calculated from all households within Somerset County.
In Basking Ridge, HUD calculates the Area Median Income for a family of four as $142,900
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 Basking 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 Basking 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 Basking Ridge AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$30,000 | $34,300 | $38,600 | $42,850 | $46,300 | $49,750 | $53,150 | $56,600 |
| 50% AMI Income Limits Renters earning up to 50% of the Basking Ridge AMI may qualify for rental assistance programs that target Very Low Income households. |
$50,050 | $57,200 | $64,350 | $71,450 | $77,200 | $82,900 | $88,600 | $94,350 |
| 80% AMI Income Limits Renters earning up to 80% of the Basking Ridge 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 |
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