What HUD offices serve Versailles, 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 Versailles.
How many renters live in Versailles, Kentucky?
The City of Versailles has 10,297 people living in 4,243 households.
There are 4,630 renters living in 1,764 renter households in this City. Renters make up 44.96 percent of the population living in Versailles.
What is the rental market like in Versailles, Kentucky?
There are an estimated 4,733 housing units in the Versailles area. Of these, 1,984 units are rental homes, making up 42 percent of the housing market. For every renter household in Versailles, Kentucky, there are 1 rental units.
What is the vacancy rate for rentals in Versailles?
The rental vacancy rate in Versailles is 11 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 Versailles for each bedroom size?
Occupied Rental Units by Size in Versailles
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 6 | 240 | 656 | 787 | 75 |
Occupied Rental Units by Size in Versailles
A large number of apartments in Versailles 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 Versailles are overburdened by housing costs?
Among renter households in this market, 45 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 Versailles
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $802 to $1,807. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $802 |
| One BR | $983 |
| Two BR | $1,177 |
| Three BR | $1,599 |
| Four BR | $1,807 |
2024 Fair Market Rents in Versailles, Kentucky
How many units are rented at Fair Market Rent (FMR) in Versailles?
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 | 0 | 100 percent |
| One BR | 209 | 87 percent |
| Two BR | 539 | 82 percent |
Rental Units Below FMR in Versailles, Kentucky
How many affordable rental units are in Versailles?
There are a variety of federal affordable housing programs serving households in Versailles, Kentucky including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 61 |
| Public Housing | 152 |
| Section 8 Project-Based Rental Assistance | 15 |
| USDA Section 515 Rural Rental Housing | 92 |
Tracked Units by Federal Program in Versailles, Kentucky
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Versailles, Kentucky
Versailles features 315 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 Versailles, Kentucky
There are 61 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Versailles.
Housing Choice Vouchers in Versailles, Kentucky
On average, Section 8 Housing Choice vouchers pay Versailles landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Versailles.
The maximum amount a voucher would pay on behalf of a low-income tenant in Versailles, Kentucky for a two-bedroom apartment is between $1,059 and $1,295.
Sourced from federal housing data and AffordableHousingOnline.com research.
