Low Income Apartments and Affordable Housing For Rent in Madison, IN

Discover affordable housing in Madison where there are 9+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Windridge Apartments

2855 Windridge Drive, Madison, Indiana 47250

Presidential Estates

2855 Windridge Dr, Madison, Indiana 47250

Madison Heritage Apartments

101 W 2nd Street, Madison, Indiana 47250

Rivertrace Apartments

150 Broadway St, Madison, Indiana 47250

Willowview Apartments

3100 Bevcher Dr, Madison, Indiana 47250

Riverside Tower Lofts

1001 W. 2nd Street , Madison, Indiana 47250

Valley Court Apartments

559 Ovo Dr, Madison, Indiana 47250

Clifton Heights Apartments

401 Virginia Ave, Madison, Indiana

Pleasant View of Hanover

Hwy 7 N, Madison, Indiana 47243

calendar_today Opened: Nov 1
Open Until Further Notice

Reported On February 23rd, 2024 by Lorena Bentley

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Madison, Indiana
$16.38/hour
$9.13 (+126%) more than Indiana minimum wage and $9.13 (+126%) more than the Federal minimum wage.
Learn More About Madison, Indiana Affordable Housing ↓

What HUD offices serve Madison, Indiana?

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Operates the Section 8 Housing Choice Voucher (HCV), Mainstream Voucher programs for Madison, Indiana.

Go to the Indiana Public Housing and Low-Income Apartments Waiting Lists page for openings near Madison.

How many renters live in Madison, Indiana?

The City of Madison has 12,301 people living in 5,101 households.

There are 4,580 renters living in 2,246 renter households in this City. Renters make up 37.23 percent of the population living in Madison.

What is the rental market like in Madison, Indiana?

There are an estimated 5,787 housing units in the Madison area. Of these, 2,290 units are rental homes, making up 40 percent of the housing market. For every renter household in Madison, Indiana, there are 1 rental units.

What is the vacancy rate for rentals in Madison?

The rental vacancy rate in Madison is 2 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

How many rental units are in Madison for each bedroom size?

Occupied Rental Units by Size in Madison
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
82 815 981 310 58
Occupied Rental Units by Size in Madison

A large number of apartments in Madison have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Madison are overburdened by housing costs?

Among renter households in this market, 34 percent have housing cost burden. Further, 15 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Madison

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $643 to $1,468. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $643
One BR $740
Two BR $865
Three BR $1,099
Four BR $1,468
2024 Fair Market Rents in Madison, Indiana

How many units are rented at Fair Market Rent (FMR) in Madison?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
Studio 71 87 percent
One BR 591 73 percent
Two BR 583 59 percent
Rental Units Below FMR in Madison, Indiana

How many affordable rental units are in Madison?

There are a variety of federal affordable housing programs serving households in Madison, Indiana including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 131
Section 8 Project-Based Rental Assistance 311
Section 202 Supportive Housing for the Elderly 40
Tracked Units by Federal Program in Madison, Indiana

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Madison, Indiana

Madison features 189 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Madison, Indiana

There are 229 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Madison.

Housing Choice Vouchers in Madison, Indiana

On average, Section 8 Housing Choice vouchers pay Madison landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Madison.

The maximum amount a voucher would pay on behalf of a low-income tenant in Madison, Indiana for a two-bedroom apartment is between $779 and $952.

Sourced from federal housing data and AffordableHousingOnline.com research.