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There are 278 low-income apartments in Corvallis that offer reduced rents to eligible households. Low-income rents in Corvallis, Oregon can range from $583 to $877 depending on the number of bedrooms.
Rental assistance programs support 225 low-income homes in Corvallis where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $381 towards rent each month.
Affordable rent data for some communities last confirmed on March 31st, 2023. Subdsidized rents typically change once a year based on federal guidance.
Corvallis, Oregon Affordable Housing Data
Income Based Apartments in Corvallis, Oregon
Corvallis features 225 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 Corvallis, Oregon
There are 278 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Corvallis.
Housing Choice Vouchers in Corvallis, Oregon
On average, Section 8 Housing Choice vouchers pay Corvallis landlords $500 per month towards rent. The average voucher holder contributes $400 towards rent in Corvallis.
The maximum amount a voucher would pay on behalf of a low-income tenant in Corvallis, Oregon for a two-bedroom apartment is between $1,413 and $1,727.
2024 Corvallis, Oregon 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 | |
|---|---|---|---|---|---|
| Corvallis, Oregon Fair Market Rent | $1,192 | $1,236 | $1,570 | $2,212 | $2,495 |
| Corvallis, Oregon Payment Standard Range | $1,073 to $1,311 | $1,112 to $1,360 | $1,413 to $1,727 | $1,991 to $2,433 | $2,246 to $2,745 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Corvallis, OR Affordable Housing Snapshot
| Total Affordable Apartment Properties | 14 |
|---|---|
| Total Low Income Apartments | 503 |
| Total Housing Units with Rental Assistance | 225 |
| Percentage of Housing Units Occupied By Renters | 56.29% |
| Average Renter Household Size | 2.25 |
| Average Household Size | 2.31 |
| Median Household Income | $42,488 ±$2,301 |
| Median Rent | $868 ±$17 |
| Percentage Of Renters Overburdened | 54.77% ± 3.1pp |
| Total Population | 54,981 |
Population and Household Demographics
Corvallis is a city in Benton County, Oregon with a population of 54,981. There are 21,588 households in the city with an average household size of 2.31 persons. 56.29% of households in Corvallis are renters.
Income and Rent Overburden in Corvallis
The median gross income for households in Corvallis is $42,488 a year, or $3,541 a month. The median rent for the city is $868 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Corvallis, a household making less than $2,893 a month would be considered overburdened when renting an apartment at or above the median rent. 54.77% of households who rent are overburdened in Corvallis.
Area Median Income In Corvallis
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 Corvallis, the AMI is calculated from all households within Benton County.
In Corvallis, HUD calculates the Area Median Income for a family of four as $98,200
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 Corvallis
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 Corvallis
| 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 Corvallis AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$20,650 | $23,600 | $26,550 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Corvallis AMI may qualify for rental assistance programs that target Very Low Income households. |
$34,400 | $39,300 | $44,200 | $49,100 | $53,050 | $57,000 | $60,900 | $64,850 |
| 80% AMI Income Limits Renters earning up to 80% of the Corvallis AMI may qualify for rental assistance programs that target Low Income households. |
$55,000 | $62,850 | $70,700 | $78,550 | $84,850 | $91,150 | $97,450 | $103,700 |
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