Low Income Apartments For Rent in Budd Lake, NJ

Rental assistance programs support 5 low-income homes in Budd Lake where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $444 towards rent each month.

Affordable rent data for some communities last confirmed on October 30th, 2019. Subdsidized rents typically change once a year based on federal guidance.

Public Housing Agencies Serving Budd Lake, New Jersey

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
Morris County Housing Authority	Section 8 Housing Choice Voucher (HCV); Public Housing
State of New Jersey Department of Community Affairs	Section 8 Housing Choice Voucher (HCV)
Housing Authority Town of Dover	Section 8 Housing Choice Voucher (HCV); Public Housing

Go to the New Jersey Public Housing and Low-Income Apartments Waiting Lists page for openings near Budd Lake.

Budd Lake, New Jersey Affordable Housing Data

Income Based Apartments in Budd Lake, New Jersey

Budd Lake features 5 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 Budd Lake, New Jersey

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Budd Lake.

Housing Choice Vouchers in Budd Lake, New Jersey

On average, Section 8 Housing Choice vouchers pay Budd Lake landlords $900 per month towards rent. The average voucher holder contributes $400 towards rent in Budd Lake.

The maximum amount a voucher would pay on behalf of a low-income tenant in Budd Lake, New Jersey for a two-bedroom apartment is between $1,724 and $2,108.

2024 Budd Lake, 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
Budd Lake, New Jersey Fair Market Rent	$1,379	$1,590	$1,916	$2,424	$2,800
Budd Lake, New Jersey Payment Standard Range	$1,241 to $1,517	$1,431 to $1,749	$1,724 to $2,108	$2,182 to $2,666	$2,520 to $3,080

Sourced from federal housing data and AffordableHousingOnline.com research.

Budd Lake, NJ Affordable Housing Snapshot

Total Affordable Apartment Properties 2

Total Low Income Apartments 5

Total Housing Units with Rental Assistance 5

Percentage of Housing Units Occupied By Renters 33.69%

Average Renter Household Size 2.20

Average Household Size 2.63

Median Household Income $90,504 ±$14,903

Median Rent $953 ±$29

Percentage Of Renters Overburdened 38.51% ± 13.88pp

Total Population 8,403

Total Affordable Apartment Properties	2
Total Low Income Apartments	5
Total Housing Units with Rental Assistance	5
Percentage of Housing Units Occupied By Renters	33.69%
Average Renter Household Size	2.20
Average Household Size	2.63
Median Household Income	$90,504 ±$14,903
Median Rent	$953 ±$29
Percentage Of Renters Overburdened	38.51% ± 13.88pp
Total Population	8,403

Population and Household Demographics

Budd Lake is a city in Morris County, New Jersey with a population of 8,403. There are 3,191 households in the city with an average household size of 2.63 persons. 33.69% of households in Budd Lake are renters.

Income and Rent Overburden in Budd Lake

The median gross income for households in Budd Lake is $90,504 a year, or $7,542 a month. The median rent for the city is $953 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Budd Lake, a household making less than $3,177 a month would be considered overburdened when renting an apartment at or above the median rent. 38.51% of households who rent are overburdened in Budd Lake.

Area Median Income In Budd Lake

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 Budd Lake, the AMI is calculated from all households within Morris County.

In Budd Lake, HUD calculates the Area Median Income for a family of four as $124,300

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 Budd Lake

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 Budd Lake

	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 Budd Lake AMI may qualify for rental assistance programs that target Extremely Low Income households.	$25,600	$29,250	$32,900	$36,550	$39,500	$42,400	$45,420	$50,560
50% AMI Income Limits Renters earning up to 50% of the Budd Lake AMI may qualify for rental assistance programs that target Very Low Income households.	$42,650	$48,750	$54,850	$60,900	$65,800	$70,650	$75,550	$80,400
80% AMI Income Limits Renters earning up to 80% of the Budd Lake AMI may qualify for rental assistance programs that target Low Income households.	$66,300	$75,750	$85,200	$94,650	$102,250	$109,800	$117,400	$124,950