325 Myrtle Ave Unit 3rd floor Studio
There are 1,667 low-income apartments in Albany that offer reduced rents to eligible households. Low-income rents in Albany, New York can range from $620 to $940 depending on the number of bedrooms.
Rental assistance programs support 3,345 low-income homes in Albany where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $393 towards rent each month.
Affordable rent data for some communities last confirmed on July 7th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Albany, New York
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 |
|---|---|
| Albany Housing Authority | Section 8 Housing Choice Voucher (HCV); Public Housing |
Albany, New York Affordable Housing Data
Income Based Apartments in Albany, New York
Albany features 3,345 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 Albany, New York
There are 1,667 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Albany.
Housing Choice Vouchers in Albany, New York
On average, Section 8 Housing Choice vouchers pay Albany landlords $600 per month towards rent. The average voucher holder contributes $400 towards rent in Albany.
The maximum amount a voucher would pay on behalf of a low-income tenant in Albany, New York for a two-bedroom apartment is between $1,237 and $1,511.
2024 Albany, New York 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 | |
|---|---|---|---|---|---|
| Albany, New York Fair Market Rent | $1,011 | $1,131 | $1,374 | $1,661 | $1,830 |
| Albany, New York Payment Standard Range | $910 to $1,112 | $1,018 to $1,244 | $1,237 to $1,511 | $1,495 to $1,827 | $1,647 to $2,013 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Albany, NY Affordable Housing Snapshot
| Total Affordable Apartment Properties | 102 |
|---|---|
| Total Low Income Apartments | 5,082 |
| Total Housing Units with Rental Assistance | 3,345 |
| Percentage of Housing Units Occupied By Renters | 62.53% |
| Average Renter Household Size | 2.09 |
| Average Household Size | 2.19 |
| Median Household Income | $40,949 ±$1,493 |
| Median Rent | $857 ±$16 |
| Percentage Of Renters Overburdened | 52.04% ± 2.6pp |
| Total Population | 98,468 |
Population and Household Demographics
Albany is a city in Albany County, New York with a population of 98,468. There are 40,283 households in the city with an average household size of 2.19 persons. 62.53% of households in Albany are renters.
Income and Rent Overburden in Albany
The median gross income for households in Albany is $40,949 a year, or $3,412 a month. The median rent for the city is $857 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Albany, a household making less than $2,857 a month would be considered overburdened when renting an apartment at or above the median rent. 52.04% of households who rent are overburdened in Albany.
Area Median Income In Albany
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 Albany, the AMI is calculated from all households within Albany County.
In Albany, HUD calculates the Area Median Income for a family of four as $113,300
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 Albany
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 Albany
| 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 Albany AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$23,600 | $26,950 | $30,300 | $33,650 | $36,350 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Albany AMI may qualify for rental assistance programs that target Very Low Income households. |
$39,300 | $44,900 | $50,500 | $56,100 | $60,600 | $65,100 | $69,600 | $74,100 |
| 80% AMI Income Limits Renters earning up to 80% of the Albany AMI may qualify for rental assistance programs that target Low Income households. |
$62,850 | $71,800 | $80,800 | $89,750 | $96,950 | $104,150 | $111,300 | $118,500 |
© 2002-2024 ApartmentSmart.com, Inc.
Affordable Housing Online is not affiliated with any housing authority or apartment community, and does not manage any affordable housing programs.