Low Income Apartments and Affordable Housing For Rent in New Castle, IN

Discover affordable housing in New Castle where there are 10+ 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.

Fosters Landing Apartments

317 Fosters Way, New Castle, Indiana 47362

Stonegate Village Apartments

3302 Stonegate Dr, New Castle, Indiana 47362

Autumn Oaks Apartments

100 Autumn Oaks Blvd, New Castle, Indiana 47362

Faith Community

2238 Q Ave, New Castle, Indiana 47362

Willow Glen Apartments

2800 S Main St , New Castle, Indiana 47362

Maplewood Terrace

274 S 14th St, New Castle, Indiana 47362

Grand Avenue Commons

1628 A Ave, New Castle, Indiana 47362

Bethany Village Apartments New Castle

1509 Washington St, New Castle, Indiana 47362

New Castle Elderly Housing

100 Woodside Manor Ct, New Castle, Indiana 47362

Rose Court Apartments

720 S 14th St, New Castle, Indiana 47362

calendar_today Opens: Mar 31

Reported On February 15th, 2024 by Lorena Bentley

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In New Castle, Indiana
$16.34/hour
$9.09 (+125%) more than Indiana minimum wage and $9.09 (+125%) more than the Federal minimum wage.
Learn More About New Castle, Indiana Affordable Housing ↓

What HUD offices serve New Castle, 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), Public Housing programs for New Castle, Indiana.
Operates the Section 8 Housing Choice Voucher (HCV) programs for New Castle, Indiana.

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

How many renters live in New Castle, Indiana?

The City of New Castle has 17,413 people living in 7,227 households.

There are 6,042 renters living in 2,701 renter households in this City. Renters make up 34.7 percent of the population living in New Castle.

What is the rental market like in New Castle, Indiana?

There are an estimated 8,549 housing units in the New Castle area. Of these, 2,990 units are rental homes, making up 35 percent of the housing market. For every renter household in New Castle, Indiana, there are 1 rental units.

What is the vacancy rate for rentals in New Castle?

The rental vacancy rate in New Castle is 6 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 New Castle for each bedroom size?

Occupied Rental Units by Size in New Castle
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
189 572 1,108 729 77
Occupied Rental Units by Size in New Castle

A large number of apartments in New Castle 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 New Castle are overburdened by housing costs?

Among renter households in this market, 41 percent have housing cost burden. Further, 21 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 New Castle

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $678 to $1,204. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $678
One BR $682
Two BR $863
Three BR $1,083
Four BR $1,204
2024 Fair Market Rents in New Castle, Indiana

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

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 92 49 percent
One BR 361 63 percent
Two BR 685 62 percent
Rental Units Below FMR in New Castle, Indiana

How many affordable rental units are in New Castle?

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

Federal Program Unit Count
Low Income Housing Tax Credit 419
Public Housing 156
Section 8 Project-Based Rental Assistance 188
Tracked Units by Federal Program in New Castle, Indiana

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

Income Based Apartments in New Castle, Indiana

New Castle features 417 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 New Castle, Indiana

There are 234 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in New Castle.

Housing Choice Vouchers in New Castle, Indiana

On average, Section 8 Housing Choice vouchers pay New Castle landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in New Castle.

The maximum amount a voucher would pay on behalf of a low-income tenant in New Castle, Indiana for a two-bedroom apartment is between $777 and $949.

Sourced from federal housing data and AffordableHousingOnline.com research.