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

Discover affordable housing in Princeton 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.

Somerset South and West Apartments

323 S Main St & 1501 W. Brumfield Ave., Princeton, Indiana 47670

Somerset East Apts

701 E. Monroe St., Princeton, Indiana 47670

Main Street Cottages

228 S Main Street, Princeton, Indiana 47670

Prince Street Cottages

201 South Prince Street, Princeton, Indiana 47670

Brumfield Place Lp

400 N Ford St, Princeton, Indiana 47670

Princeton Creek Apartments

500 S 2nd Ave, Princeton, Indiana 47670

Lincoln Center Apartments

510 E Walnut St, Princeton, Indiana 47670

400 Block of North Ford

400 Block of N Ford, Princeton, Indiana 47670

Towers Manor Apartments

301 N 10th St, Princeton, Indiana 47670

calendar_today Opened: Jan 15
Open Until Further Notice

Reported On January 15th, 2024 by Nathan Brunet

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Princeton, Indiana
$16.72/hour
$9.47 (+131%) more than Indiana minimum wage and $9.47 (+131%) more than the Federal minimum wage.
Learn More About Princeton, Indiana Affordable Housing ↓

What HUD offices serve Princeton, 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) programs for Princeton, Indiana.

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

How many renters live in Princeton, Indiana?

The City of Princeton has 8,344 people living in 3,287 households.

There are 2,751 renters living in 1,267 renter households in this City. Renters make up 32.97 percent of the population living in Princeton.

What is the rental market like in Princeton, Indiana?

There are an estimated 3,832 housing units in the Princeton area. Of these, 1,441 units are rental homes, making up 38 percent of the housing market. For every renter household in Princeton, Indiana, there are 1 rental units.

What is the vacancy rate for rentals in Princeton?

The rental vacancy rate in Princeton is 12 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 Princeton for each bedroom size?

Occupied Rental Units by Size in Princeton
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
100 339 663 126 7
Occupied Rental Units by Size in Princeton

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

Among renter households in this market, 32 percent have housing cost burden. Further, 14 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 Princeton

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $723 to $1,176. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $723
One BR $727
Two BR $883
Three BR $1,172
Four BR $1,176
2024 Fair Market Rents in Princeton, Indiana

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

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 90 90 percent
One BR 247 73 percent
Two BR 276 42 percent
Rental Units Below FMR in Princeton, Indiana

How many affordable rental units are in Princeton?

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

Federal Program Unit Count
Low Income Housing Tax Credit 42
Section 8 Project-Based Rental Assistance 172
Section 811 Supportive Housing for Persons with Disabilities 12
Tracked Units by Federal Program in Princeton, Indiana

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

Income Based Apartments in Princeton, Indiana

Princeton features 204 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 Princeton, Indiana

There are 74 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Princeton.

Housing Choice Vouchers in Princeton, Indiana

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Princeton, Indiana for a two-bedroom apartment is between $795 and $971.

Sourced from federal housing data and AffordableHousingOnline.com research.