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

Discover affordable housing in New Market where there are 1+ 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.

New Market Apartments

Cr 600 S, New Market, Indiana 47965

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In New Market, 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 Market, Indiana Affordable Housing ↓

How many renters live in New Market, Indiana?

The City of New Market has 568 people living in 229 households.

There are 107 renters living in 41 renter households in this City. Renters make up 18.84 percent of the population living in New Market.

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

There are an estimated 252 housing units in the New Market area. Of these, 49 units are rental homes, making up 19 percent of the housing market. For every renter household in New Market, Indiana, there are 1 rental units.

What is the vacancy rate for rentals in New Market?

The rental vacancy rate in New Market is 16 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.

How many rental units are in New Market for each bedroom size?

Occupied Rental Units by Size in New Market
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 0 28 13 0
Occupied Rental Units by Size in New Market

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

Among renter households in this market, 15 percent have housing cost burden. Further, 0 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 Market

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $600 to $1,279. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $600
One BR $684
Two BR $863
Three BR $1,176
Four BR $1,279
2024 Fair Market Rents in New Market, Indiana

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

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
Two BR 9 32 percent
Rental Units Below FMR in New Market, Indiana

How many affordable rental units are in New Market?

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

Federal Program Unit Count
USDA Section 515 Rural Rental Housing 16
Tracked Units by Federal Program in New Market, Indiana

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

Income Based Apartments in New Market, Indiana

New Market features 16 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 Market, Indiana

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in New Market.

Housing Choice Vouchers in New Market, Indiana

On average, Section 8 Housing Choice vouchers pay New Market landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in New Market.

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

Sourced from federal housing data and AffordableHousingOnline.com research.