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There are 0 low-income apartments in Vinton that offer reduced rents to eligible households. Low-income rents in Vinton, Virginia can range from $650 to $805 depending on the number of bedrooms.
Rental assistance programs support 331 low-income homes in Vinton where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $352 towards rent each month.
Affordable rent data for some communities last confirmed on October 29th, 2019. Subdsidized rents typically change once a year based on federal guidance.
Vinton, Virginia Affordable Housing Data
Income Based Apartments in Vinton, Virginia
Vinton features 331 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 Vinton, Virginia
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Vinton.
Housing Choice Vouchers in Vinton, Virginia
On average, Section 8 Housing Choice vouchers pay Vinton landlords $600 per month towards rent. The average voucher holder contributes $400 towards rent in Vinton.
The maximum amount a voucher would pay on behalf of a low-income tenant in Vinton, Virginia for a two-bedroom apartment is between $979 and $1,197.
2024 Vinton, Virginia 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 | |
|---|---|---|---|---|---|
| Vinton, Virginia Fair Market Rent | $811 | $894 | $1,088 | $1,513 | $1,760 |
| Vinton, Virginia Payment Standard Range | $730 to $892 | $805 to $983 | $979 to $1,197 | $1,362 to $1,664 | $1,584 to $1,936 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Vinton, VA Affordable Housing Snapshot
| Total Affordable Apartment Properties | 4 |
|---|---|
| Total Low Income Apartments | 331 |
| Total Housing Units with Rental Assistance | 331 |
| Percentage of Housing Units Occupied By Renters | 43.12% |
| Average Renter Household Size | 2.29 |
| Average Household Size | 2.42 |
| Median Household Income | $45,271 ±$3,400 |
| Median Rent | $668 ±$31 |
| Percentage Of Renters Overburdened | 42.96% ± 10.5pp |
| Total Population | 8,162 |
Population and Household Demographics
Vinton is a city in Roanoke County, Virginia with a population of 8,162. There are 3,309 households in the city with an average household size of 2.42 persons. 43.12% of households in Vinton are renters.
Income and Rent Overburden in Vinton
The median gross income for households in Vinton is $45,271 a year, or $3,773 a month. The median rent for the city is $668 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Vinton, a household making less than $2,227 a month would be considered overburdened when renting an apartment at or above the median rent. 42.96% of households who rent are overburdened in Vinton.
Area Median Income In Vinton
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 Vinton, the AMI is calculated from all households within Roanoke County.
In Vinton, HUD calculates the Area Median Income for a family of four as $92,800
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 Vinton
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 Vinton
| 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 Vinton AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$19,200 | $21,950 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Vinton AMI may qualify for rental assistance programs that target Very Low Income households. |
$32,000 | $36,600 | $41,150 | $45,700 | $49,400 | $53,050 | $56,700 | $60,350 |
| 80% AMI Income Limits Renters earning up to 80% of the Vinton AMI may qualify for rental assistance programs that target Low Income households. |
$51,200 | $58,500 | $65,800 | $73,100 | $78,950 | $84,800 | $90,650 | $96,500 |
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