Find Low Income Apartments and Never Look Back

By some standards, Americans live a privileged life. But the truth is there’s a sector of the population that struggles to make enough money to survive with the bare necessities. There are people who have to spend more than half of their monthly income on rent alone. To put this in perspective, experts suggest that a maximum of 30% of your income should go toward rent or mortgage payments.

To help balance your earnings and expenses, you may need to consider a low income apartment.

Things to Consider During your Apartment Search:

Low income housing is a great option if you qualify, but you may come with some trade-offs.  Think about how far you’re willing to travel from home to work.

If you use public transportation, look into if the apartment in your desired location is close to bus stops or subway stations. You’ll also need to see if potential apartments have rules against smoking or pets.

1) Go without a Broker
2) Find a Roommate
3) Find Affordable Housing
4) Section 8
5) Section 42
6) Use the Internet

Go, Solo, without a Broker:

Brokers are great resources when you’re in the market for a new apartment. But brokerage services aren’t free– commission is a major expense in closing costs.

You can eliminate this cost if you are ready to put in a little effort and look for an apartment yourself. There are various ways you can get leads on potential apartments, such as asking friends and family or visiting neighborhoods to view properties firsthand.

Find a Roommate:

If you are comfortable with sharing your living space then getting a roommate is a viable option to cut down on your monthly rental expenses.

With a roommate, you can split the rent and other expenses like utilities in half. What could be more beneficial than that?

Find Affordable Housing:

The federal government has programs that help low-wage earners who can’t afford housing costs on their own. The programs are income-restricted programs, which means you have to fall in a certain income bracket to qualify. Currently, more than two million people receive assistance through such programs.

The most common affordable housing programs are Section 8 and Section 42.

Section 8:

Also known as the Federal Housing Choice Vouchers Program, Section 8 was initiated by President Lyndon B. Johnson to make affordable housing possible for low-income people and their families.  The program is managed by the US Department of Housing and Urban Development (HUD).

Section 8 apartments are not cheap or run-down; they are located in newer and older developments alike.

With a Section 8 voucher, the tenant is only responsible for 30% of the monthly rent while the government pays the remaining 70%.

Section 42:

Section 42 is also known as the Low Income Housing Tax Credit. Although it is also a federal program, the government doesn’t pay any portion of the tenant’s monthly rent. Instead, tenants on the Section 42 program receive subsidized rent or rent controlled housing.

Use the Internet:

Utilizing the internet to find your next apartment is as easy as turning on your laptop or using your smartphone.  Run searches on real estate websites and apps.  To narrow down your search, apply filters such as location or neighborhood.

Seek Help from Non Profit Organizations:

Additionally, there are nonprofit organizations that can assist those who can’t find affordable housing on their own. Simply reach out to them and complete any pre-qualification processes they may have. One such organization is Gosection8.

Let NY Rent Own Sell Help You:

If you can’t find an apartment on your own, let NY Rent Own Sell help you. Our experts have extensive real estate experience and resources that can assist with your search.

Related Article:

How to Qualify for Low Income Housing
Low Income or Affordable Housing