Buchanan Lake Village, Texas Affordable Housing Data
Income Based Apartments in Buchanan Lake Village, Texas
Buchanan Lake Village features 0 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 Buchanan Lake Village, Texas
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Buchanan Lake Village.
Housing Choice Vouchers in Buchanan Lake Village, Texas
On average, Section 8 Housing Choice vouchers pay Buchanan Lake Village landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Buchanan Lake Village.
The maximum amount a voucher would pay on behalf of a low-income tenant in Buchanan Lake Village, Texas for a two-bedroom apartment is between $1,059 and $1,295.
2024 Buchanan Lake Village, Texas 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 | |
|---|---|---|---|---|---|
| Buchanan Lake Village, Texas Fair Market Rent | $890 | $896 | $1,177 | $1,423 | $1,829 |
| Buchanan Lake Village, Texas Payment Standard Range | $801 to $979 | $806 to $986 | $1,059 to $1,295 | $1,281 to $1,565 | $1,646 to $2,012 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Buchanan Lake Village, TX Affordable Housing Snapshot
| Total Affordable Apartment Properties | 0 |
|---|---|
| Total Low Income Apartments | 0 |
| Total Housing Units with Rental Assistance | 0 |
| Percentage of Housing Units Occupied By Renters | 15.13% |
| Average Renter Household Size | 2.12 |
| Average Household Size | 1.85 |
| Median Household Income | $27,857 ±$11,624 |
| Median Rent | $493 ±$207 |
| Percentage Of Renters Overburdened | 15.25% ± 43.41pp |
| Total Population | 722 |
Population and Household Demographics
Buchanan Lake Village is a city in Llano County, Texas with a population of 722. There are 390 households in the city with an average household size of 1.85 persons. 15.13% of households in Buchanan Lake Village are renters.
Income and Rent Overburden in Buchanan Lake Village
The median gross income for households in Buchanan Lake Village is $27,857 a year, or $2,321 a month. The median rent for the city is $493 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Buchanan Lake Village, a household making less than $1,643 a month would be considered overburdened when renting an apartment at or above the median rent. 15.25% of households who rent are overburdened in Buchanan Lake Village.
Area Median Income In Buchanan Lake Village
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 Buchanan Lake Village, the AMI is calculated from all households within Llano County.
In Buchanan Lake Village, HUD calculates the Area Median Income for a family of four as $88,800
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 Buchanan Lake Village
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 Buchanan Lake Village
| 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 Buchanan Lake Village AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$15,550 | $19,720 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $48,800 |
| 50% AMI Income Limits Renters earning up to 50% of the Buchanan Lake Village AMI may qualify for rental assistance programs that target Very Low Income households. |
$25,900 | $29,600 | $33,300 | $36,950 | $39,950 | $42,900 | $45,850 | $48,800 |
| 80% AMI Income Limits Renters earning up to 80% of the Buchanan Lake Village AMI may qualify for rental assistance programs that target Low Income households. |
$41,400 | $47,300 | $53,200 | $59,100 | $63,850 | $68,600 | $73,300 | $78,050 |
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