Low Income Apartments For Rent in Hot Springs, NC

Rental assistance programs support 67 low-income homes in Hot Springs where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $-4 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 Hot Springs, North Carolina

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
Hot Springs Housing Authority	Public Housing
Madison County Housing Authority	Section 8 Housing Choice Voucher (HCV); Public Housing

Go to the North Carolina Public Housing and Low-Income Apartments Waiting Lists page for openings near Hot Springs.

Hot Springs, North Carolina Affordable Housing Data

Income Based Apartments in Hot Springs, North Carolina

Hot Springs features 67 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 Hot Springs, North Carolina

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

Housing Choice Vouchers in Hot Springs, North Carolina

On average, Section 8 Housing Choice vouchers pay Hot Springs landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Hot Springs.

The maximum amount a voucher would pay on behalf of a low-income tenant in Hot Springs, North Carolina for a two-bedroom apartment is between $1,512 and $1,848.

2024 Hot Springs, North Carolina 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
Hot Springs, North Carolina Fair Market Rent	$1,428	$1,496	$1,680	$2,160	$2,851
Hot Springs, North Carolina Payment Standard Range	$1,285 to $1,571	$1,346 to $1,646	$1,512 to $1,848	$1,944 to $2,376	$2,566 to $3,136

Sourced from federal housing data and AffordableHousingOnline.com research.

Hot Springs, NC Affordable Housing Snapshot

Total Affordable Apartment Properties 2

Total Low Income Apartments 67

Total Housing Units with Rental Assistance 67

Percentage of Housing Units Occupied By Renters 48.47%

Average Renter Household Size 1.94

Average Household Size 2.10

Median Household Income $25,147 ±$8,562

Median Rent $327 ±$87

Percentage Of Renters Overburdened 27.56% ± 16.56pp

Total Population 573

Total Affordable Apartment Properties	2
Total Low Income Apartments	67
Total Housing Units with Rental Assistance	67
Percentage of Housing Units Occupied By Renters	48.47%
Average Renter Household Size	1.94
Average Household Size	2.10
Median Household Income	$25,147 ±$8,562
Median Rent	$327 ±$87
Percentage Of Renters Overburdened	27.56% ± 16.56pp
Total Population	573

Population and Household Demographics

Hot Springs is a city in Madison County, North Carolina with a population of 573. There are 262 households in the city with an average household size of 2.10 persons. 48.47% of households in Hot Springs are renters.

Income and Rent Overburden in Hot Springs

The median gross income for households in Hot Springs is $25,147 a year, or $2,096 a month. The median rent for the city is $327 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Hot Springs, a household making less than $1,090 a month would be considered overburdened when renting an apartment at or above the median rent. 27.56% of households who rent are overburdened in Hot Springs.

Area Median Income In Hot Springs

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 Hot Springs, the AMI is calculated from all households within Madison County.

In Hot Springs, HUD calculates the Area Median Income for a family of four as $90,300

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 Hot Springs

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 Hot Springs

	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 Hot Springs AMI may qualify for rental assistance programs that target Extremely Low Income households.	$17,850	$20,400	$24,860	$30,000	$35,140	$40,280	$45,420	$50,560
50% AMI Income Limits Renters earning up to 50% of the Hot Springs AMI may qualify for rental assistance programs that target Very Low Income households.	$29,750	$34,000	$38,250	$42,500	$45,900	$49,300	$52,700	$56,100
80% AMI Income Limits Renters earning up to 80% of the Hot Springs AMI may qualify for rental assistance programs that target Low Income households.	$47,600	$54,400	$61,200	$68,000	$73,450	$78,900	$84,350	$89,800