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There are 23 low-income apartments in Hope Valley that offer reduced rents to eligible households.
Rental assistance programs support 114 low-income homes in Hope Valley 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 June 7th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Hope Valley, Rhode Island Affordable Housing Data
Income Based Apartments in Hope Valley, Rhode Island
Hope Valley features 114 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 Hope Valley, Rhode Island
There are 23 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Hope Valley.
Housing Choice Vouchers in Hope Valley, Rhode Island
On average, Section 8 Housing Choice vouchers pay Hope Valley landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Hope Valley.
The maximum amount a voucher would pay on behalf of a low-income tenant in Hope Valley, Rhode Island for a two-bedroom apartment is between $1,524 and $1,862.
2024 Hope Valley, Rhode Island 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 | |
|---|---|---|---|---|---|
| Hope Valley, Rhode Island Fair Market Rent | $1,289 | $1,398 | $1,693 | $2,047 | $2,536 |
| Hope Valley, Rhode Island Payment Standard Range | $1,160 to $1,418 | $1,258 to $1,538 | $1,524 to $1,862 | $1,842 to $2,252 | $2,282 to $2,790 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Hope Valley, RI Affordable Housing Snapshot
| Total Affordable Apartment Properties | 2 |
|---|---|
| Total Low Income Apartments | 137 |
| Total Housing Units with Rental Assistance | 114 |
| Percentage of Housing Units Occupied By Renters | 30.15% |
| Average Renter Household Size | 2.76 |
| Average Household Size | 2.95 |
| Median Household Income | $69,408 ±$23,992 |
| Median Rent | $1,447 ±$869 |
| Percentage Of Renters Overburdened | 61.58% ± 33.05pp |
| Total Population | 1,733 |
Population and Household Demographics
Hope Valley is a city in Washington County, Rhode Island with a population of 1,733. There are 587 households in the city with an average household size of 2.95 persons. 30.15% of households in Hope Valley are renters.
Income and Rent Overburden in Hope Valley
The median gross income for households in Hope Valley is $69,408 a year, or $5,784 a month. The median rent for the city is $1,447 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Hope Valley, a household making less than $4,823 a month would be considered overburdened when renting an apartment at or above the median rent. 61.58% of households who rent are overburdened in Hope Valley.
Area Median Income In Hope Valley
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 Hope Valley, the AMI is calculated from all households within Washington County.
In Hope Valley, HUD calculates the Area Median Income for a family of four as $106,000
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 Hope Valley
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 Hope Valley
| 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 Hope Valley AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$21,500 | $24,600 | $27,650 | $30,700 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Hope Valley AMI may qualify for rental assistance programs that target Very Low Income households. |
$35,850 | $41,000 | $46,100 | $51,200 | $55,300 | $59,400 | $63,500 | $67,600 |
| 80% AMI Income Limits Renters earning up to 80% of the Hope Valley AMI may qualify for rental assistance programs that target Low Income households. |
$57,350 | $65,550 | $73,750 | $81,900 | $88,500 | $95,050 | $101,600 | $108,150 |
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