What HUD offices serve Monticello, 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 Monticello.
How many renters live in Monticello, Kentucky?
The City of Monticello has 5,770 people living in 2,293 households.
There are 2,342 renters living in 902 renter households in this City. Renters make up 40.59 percent of the population living in Monticello.
What is the rental market like in Monticello, Kentucky?
There are an estimated 2,832 housing units in the Monticello area. Of these, 1,109 units are rental homes, making up 39 percent of the housing market. For every renter household in Monticello, Kentucky, there are 1 rental units.
What is the vacancy rate for rentals in Monticello?
The rental vacancy rate in Monticello is 10 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 Monticello for each bedroom size?
Occupied Rental Units by Size in Monticello
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 116 | 444 | 298 | 44 |
Occupied Rental Units by Size in Monticello
A large number of apartments in Monticello 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 Monticello are overburdened by housing costs?
Among renter households in this market, 49 percent have housing cost burden. Further, 31 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 Monticello
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $616 to $1,442. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $616 |
| One BR | $699 |
| Two BR | $850 |
| Three BR | $1,198 |
| Four BR | $1,442 |
2024 Fair Market Rents in Monticello, Kentucky
How many units are rented at Fair Market Rent (FMR) in Monticello?
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 | 110 | 95 percent |
| Two BR | 354 | 80 percent |
Rental Units Below FMR in Monticello, Kentucky
How many affordable rental units are in Monticello?
There are a variety of federal affordable housing programs serving households in Monticello, Kentucky including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 138 |
| Public Housing | 107 |
| Section 8 Project-Based Rental Assistance | 100 |
| USDA Section 515 Rural Rental Housing | 48 |
Tracked Units by Federal Program in Monticello, Kentucky
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Monticello, Kentucky
Monticello features 279 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 Monticello, Kentucky
There are 68 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Monticello.
Housing Choice Vouchers in Monticello, Kentucky
On average, Section 8 Housing Choice vouchers pay Monticello landlords $400 per month towards rent. The average voucher holder contributes $200 towards rent in Monticello.
The maximum amount a voucher would pay on behalf of a low-income tenant in Monticello, Kentucky for a two-bedroom apartment is between $765 and $935.
Sourced from federal housing data and AffordableHousingOnline.com research.
