Low Income Apartments and Affordable Housing For Rent in Franklin, KY

Discover affordable housing in Franklin where there are 7+ 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.

Walnut Forest Apartments

634 Morgantown Rd, Franklin, Kentucky 42134

Joshua Place

108 Crestmore Dr, Franklin, Kentucky 42134

Kelsey Manor

111 Crestmore Dr, Franklin, Kentucky 42134

Ridgewood Apartments

425 Filter Plant Rd, Franklin, Kentucky 42134

Garden Square Apts

423 South Main Street, Franklin, Kentucky

Ridgewood Apartments : Rental

Filter Plant Rd, Franklin, Kentucky 42134

Ashmore Village

101 Brentmore Dr, Franklin, Kentucky 42134

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Franklin, Kentucky
$18.94/hour
$11.69 (+161%) more than Kentucky minimum wage and $11.69 (+161%) more than the Federal minimum wage.
Learn More About Franklin, Kentucky Affordable Housing ↓

What HUD offices serve Franklin, 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.

Operates the Public Housing programs for Franklin, Kentucky.
Operates the Section 8 Housing Choice Voucher (HCV) programs for Franklin, Kentucky.

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

How many renters live in Franklin, Kentucky?

The City of Franklin has 10,141 people living in 3,592 households.

There are 4,357 renters living in 1,812 renter households in this City. Renters make up 42.96 percent of the population living in Franklin.

What is the rental market like in Franklin, Kentucky?

There are an estimated 3,973 housing units in the Franklin area. Of these, 1,835 units are rental homes, making up 46 percent of the housing market. For every renter household in Franklin, Kentucky, there are 1 rental units.

What is the vacancy rate for rentals in Franklin?

The rental vacancy rate in Franklin is 1 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 Franklin for each bedroom size?

Occupied Rental Units by Size in Franklin
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
14 231 601 869 97
Occupied Rental Units by Size in Franklin

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

Among renter households in this market, 44 percent have housing cost burden. Further, 26 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 Franklin

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $725 to $1,359. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $725
One BR $761
Two BR $1,000
Three BR $1,336
Four BR $1,359
2024 Fair Market Rents in Franklin, Kentucky

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

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 14 100 percent
One BR 85 37 percent
Two BR 397 66 percent
Rental Units Below FMR in Franklin, Kentucky

How many affordable rental units are in Franklin?

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

Federal Program Unit Count
Low Income Housing Tax Credit 144
Public Housing 110
Tracked Units by Federal Program in Franklin, Kentucky

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

Income Based Apartments in Franklin, Kentucky

Franklin features 168 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 Franklin, Kentucky

There are 105 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Franklin.

Housing Choice Vouchers in Franklin, Kentucky

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Franklin, Kentucky for a two-bedroom apartment is between $900 and $1,100.

Sourced from federal housing data and AffordableHousingOnline.com research.