How many renters live in South Shore, Kentucky?
The City of South Shore has 1,375 people living in 501 households.
There are 452 renters living in 230 renter households in this City. Renters make up 32.87 percent of the population living in South Shore.
What is the rental market like in South Shore, Kentucky?
There are an estimated 562 housing units in the South Shore area. Of these, 236 units are rental homes, making up 42 percent of the housing market. For every renter household in South Shore, Kentucky, there are 1 rental units.
What is the vacancy rate for rentals in South Shore?
The rental vacancy rate in South Shore 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 South Shore for each bedroom size?
Occupied Rental Units by Size in South Shore
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 47 | 35 | 57 | 78 | 7 |
Occupied Rental Units by Size in South Shore
A large number of apartments in South Shore 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 South Shore are overburdened by housing costs?
Among renter households in this market, 47 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 South Shore
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $793 to $1,431. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $793 |
| One BR | $815 |
| Two BR | $938 |
| Three BR | $1,236 |
| Four BR | $1,431 |
2024 Fair Market Rents in South Shore, Kentucky
How many units are rented at Fair Market Rent (FMR) in South Shore?
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 | 47 | 100 percent |
| One BR | 35 | 100 percent |
| Two BR | 43 | 75 percent |
Rental Units Below FMR in South Shore, Kentucky
How many affordable rental units are in South Shore?
There are a variety of federal affordable housing programs serving households in South Shore, Kentucky including the following:
| Federal Program | Unit Count |
| Section 8 Project-Based Rental Assistance | 47 |
Tracked Units by Federal Program in South Shore, Kentucky
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in South Shore, Kentucky
South Shore features 89 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 South Shore, Kentucky
There are 18 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in South Shore.
Housing Choice Vouchers in South Shore, Kentucky
On average, Section 8 Housing Choice vouchers pay South Shore landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in South Shore.
The maximum amount a voucher would pay on behalf of a low-income tenant in South Shore, Kentucky for a two-bedroom apartment is between $844 and $1,032.
Sourced from federal housing data and AffordableHousingOnline.com research.
