We all would like cheaper rent, but that is a goal that is becoming harder to reach every single day. The price of nearly everything has gone up, and rent is included. According to the Apartment List National Rent Report, rents increased 1.8 percent during the first three months of 2022. While that’s bad enough news for your bank account, it looks like those increases won’t be going away anytime soon.

What’s one way to get cheaper rent? If you don’t want to downsize to a tiny apartment in a smaller city, or you want to avoid roommates to split your costs, it’s applying for a Section 8 housing voucher. With this voucher, you can get a significant portion of your rent paid by the government, while you’ll have to pick up the rest of the tab.

Sounds good so far? It probably does, but there are many things you should know about the Section 8 process before jumping headfirst into it, as the program is not for everyone.

The Disadvantages Of Section 8

On the surface, getting most of your rent paid by the government each month probably sounds like a dream. But Section 8 has some disadvantages that may not make it the right fit for you.  

First, Section 8 does not help everyone with their rent. You have to make below a certain income for your area to qualify for a voucher, as such assistance is distributed based on need. Second, Section 8 vouchers can take years to process. So even if you qualify for this program, you may be sitting on a waiting list for up to 10 years in extreme cases to finally get your voucher.  

Third, some landlords may stray from Section 8 applicants, even though they’re supposed to accept them. This could lead to some snags when looking for a place to use your voucher. And lastly, the stress of waiting and finding a Section 8-friendly unit may be too much for you to bear, especially in tough times like these.

The Advantages Of Section 8

Who is Section 8 perfect for? Someone who makes little or no income who needs help with the rent, but who is also patient enough to wait for that voucher to become available. If you need emergency rent assistance, Section 8 is not suitable for you due to those long wait times.

If you want long-term help with your rent, Section 8 is a great way to get it because as long as you meet the income requirements and follow the rules of your landlord and the program, you can keep your voucher well into the future for savings and stability.

Another advantage of Section 8 vouchers is flexibility. You can use your voucher to help pay the rent for a single-family home, townhome, apartment, or other unit that fits your needs. Best of all, you can use that voucher when you move to another location, as long as the new home fits Section 8 standards.If, after reading all of the above, you feel that Section 8 is a good fit for your housing needs, go here to find your Public Housing Agency and kickstart the application process.