Here’s How Much You Can Save Per Month With A Section 8 Voucher

Then keep reading, as we’ll help you calculate how much having one could save you per month.

What’s your biggest monthly expense? If you’re like most, it’s the amount that you give your landlord each month, aka the rent. And not only is your rent the biggest expense, but it’s also the most necessary because if you don’t pay it, you’ll be living on the streets.

What can make your rent more affordable? Besides getting roommates or downsizing your place in a cheaper city, the answer is a Section 8 voucher from the government. With it, you can get a good portion of your rent paid by Uncle Sam, so you can start saving for other things like an emergency fund or more reliable transportation. Let’s take a look at how much your Section 8 voucher could be worth.

Calculating Section 8 Voucher Values

To qualify for a Section 8 voucher, you’ll need to make below a certain income. This is because the government created housing vouchers to specifically help low-income families. Your Public Housing Agency (PHA) can give you the details on this, so contact them now to find out and begin the application process.

As for how much your voucher could be worth, that depends on how much money you make. If you qualify for Section 8, you’ll be required to pay 30 percent of your income towards rent. That’s great news if you’re used to paying over half of your income to your landlord, as it sets you up for significant savings.

So, let’s say you make $1,000 per month, and you’re looking at a Section 8 eligible apartment that costs $900 per month. You’ll have to pay $300 (30% of $1,000) in rent. The rest ($600) will be paid directly to your landlord via the government.

Are there cases where you’ll have to pay more than 30 percent of your income for a Section 8 property? Yes, but only if you choose an apartment, single-family home, or townhome that is more expensive than the Fair Market Rent. In other words, as long as you find a place that’s affordable and within your means, you should be good to go without having to worry about paying extra.

How To Get Section 8 Quicker

Now that you see how much a Section 8 voucher is worth, you’re probably chomping at the bit to get one. To do so, apply via your Public Housing Agency. And since some Section 8 waitlists can take years to process due to high demand and limited supply, make these moves to get a voucher quicker:

1. Contact and apply to several Public Housing Agencies in your city, county, and state.
2. Make a list of places across the country you could move to and apply to their PHAs.
3. Apply to as many waitlists as possible.
4. Contact affordable housing buildings directly and ask if they have units that charge 30 percent of income. If they do, you could pay that low rent amount without waiting for a voucher. To find such buildings, use this map, search Google for affordable housing in your area, or ask your PHA for a contact list.