According to Zillow, the average rent for all bedrooms and property types in New Jersey is roughly $2,500. These can range from as little as $600 to as much as over $5,000 per month.
Unfortunately, not everyone can afford those kinds of payments every month. People have to worry about various costs such as childcare, healthcare, groceries, car payments, and so much more. The Section 8 program was created specifically to help low-income families afford to rent homes in their city.
Here's what you need to know about how Section 8 works in Morristown, New Jersey.
Definition of Section 8
The Section 8 Housing Choice Voucher Program exists to provide affordable low-income housing in the private rental market. This form of rental assistance provides funds for the landlords from the government. In exchange, the renters only have to pay about 30% of their overall income.
This program is available statewide for residents living in New Jersey counties. However, applicable homes and apartments must fall within the limits of the Fair Market Rent for the area.
Section 8 Requirements and Eligibility
There are some strict requirements for anyone interested in the Section 8 program.
First of all, everyone in your household must have no history of rental evictions. Second, your income level needs to be low enough to qualify for financial assistance. This amount is based on how many people will live in the apartment or home and how much they each make.
Section 8 can apply to any rental property, so it may also benefit landlords to advertise your rental with that in mind.
Benefits and Challenges of Section 8
There are multiple reasons to apply for Section 8 and factors to consider.
When it comes to benefits, tenants gain access to housing that they might not otherwise have afforded. As long as a renter meets the requirements, they will have a consistent way to pay their rent. It also means that they can spend their income on other important items, such as medical care and food.
No landlord can legally turn down Section 8 vouchers in New Jersey. This means they have plenty of opportunities to find new tenants and an easier time retaining them.
However, there are long waiting lists for Section 8 and no guarantee that you'll be accepted.
How to Apply
To apply for low-income housing, you must first reach out to your county's housing agency. They're the ones responsible for setting you up with a housing counselor who can assess your application.
Anyone applying must be at least 18 years of age and meet all applicable federal income requirements. Pre-applications are available online, and 20,000 households will be chosen through a random lottery system. Winners will enter the program's waiting list.
Try Section 8 Out for Yourself
Anyone who struggles to pay their rent should consider applying for Section 8 as soon as possible. It could take years to get approved for it, so it's best to start the process early.
PMI Prime Property can help you find homes for rent in Morristown, whether you're approved for Section 8 or not. We also list properties for investment if you're in the market to buy something new. Schedule a consultation today to learn more about your options.
