Eric Tomasso
Why does Section 8 have such long waiting lists? Because tons of people apply for its housing vouchers, and the demand greatly exceeds the supply.
What makes Section 8 so popular? The various benefits it can provide, and here are some of the highlights:
1. You can greatly reduce your rent costs.
Do you find that you barely have any money left over each month after paying all of your bills? Or, even worse, are you putting some bills on credit cards just to get by? If so, paying expensive rent could bear most of the blame.
If you could cut your rent costs, you’d give yourself some much-needed breathing room with your budget. You could even begin to save to buy a home eventually or start building an emergency fund to avoid debt should a “rainy day” appear.
With Section 8, you’ll only pay a certain amount of your monthly income towards the rent. That amount is usually 30 percent of your adjusted income, which could be a great improvement if you’re used to paying over half of your paycheck towards rent like many people.
How does the rest of the rent get paid? By your housing voucher, which the Public Housing Authority (PHA) pays directly to your landlord each month.
Out of all of Section 8’s benefits, this money-saving one is likely what attracts most applicants.
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2. You get to pick where you live.
One thing that may keep some people from applying for Section 8 is the notion that you’ll have to live in public housing. They imagine living in some dirty, loud, old apartment in a massive public housing building, which makes them stay away from Section 8, even though it could help them save money.
Must you live in public housing with Section 8? No, as the program lets you pick where you want to live, as long as the property meets certain requirements.
You can pick between an apartment, townhome, or single-family home when participating in Section 8. The property will need to meet safety standards, which will be determined via inspection. It also needs to stay close to the area’s Fair Market Rent, which ensures that it’s affordable compared to other properties nearby.
3. PHAs are widespread.
Section 8 isn’t limited to huge, overcrowded cities. In fact, you can find Section 8 in many different types of locations from coast to coast. As such, you won’t be limited on where you live, so you can stay where you are or move somewhere new, and your housing voucher will likely have you covered.
Apply for Section 8 Now
As mentioned, Section 8 waiting lists can be quite long, which is why you should apply as soon as possible if you hope to enjoy the benefits listed above.
To apply for your housing voucher, go here and find your nearest PHA so you can begin the process.
