What HUD offices serve Albany, Kentucky?
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.
Go to the Kentucky Public Housing and Low-Income Apartments Waiting Lists page for openings near Albany.
How many renters live in Albany, Kentucky?
The City of Albany has 2,264 people living in 894 households.
There are 1,378 renters living in 488 renter households in this City. Renters make up 60.87 percent of the population living in Albany.
What is the rental market like in Albany, Kentucky?
There are an estimated 1,099 housing units in the Albany area. Of these, 504 units are rental homes, making up 46 percent of the housing market. For every renter household in Albany, Kentucky, there are 1 rental units.
What is the vacancy rate for rentals in Albany?
The rental vacancy rate in Albany is 3 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 Albany for each bedroom size?
Occupied Rental Units by Size in Albany
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 113 | 98 | 236 | 41 |
Occupied Rental Units by Size in Albany
A large number of apartments in Albany 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 Albany are overburdened by housing costs?
Among renter households in this market, 38 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 Albany
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $616 to $1,156. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $616 |
| One BR | $669 |
| Two BR | $850 |
| Three BR | $1,028 |
| Four BR | $1,156 |
2024 Fair Market Rents in Albany, Kentucky
How many units are rented at Fair Market Rent (FMR) in Albany?
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 |
| One BR | 111 | 98 percent |
| Two BR | 50 | 51 percent |
Rental Units Below FMR in Albany, Kentucky
How many affordable rental units are in Albany?
There are a variety of federal affordable housing programs serving households in Albany, Kentucky including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 24 |
| Public Housing | 30 |
| Section 8 Project-Based Rental Assistance | 60 |
| USDA Section 515 Rural Rental Housing | 72 |
Tracked Units by Federal Program in Albany, Kentucky
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Albany, Kentucky
Albany features 211 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 Albany, Kentucky
There are 91 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Albany.
Housing Choice Vouchers in Albany, Kentucky
On average, Section 8 Housing Choice vouchers pay Albany landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Albany.
The maximum amount a voucher would pay on behalf of a low-income tenant in Albany, Kentucky for a two-bedroom apartment is between $765 and $935.
Sourced from federal housing data and AffordableHousingOnline.com research.
