Low Income Apartments and Affordable Housing For Rent in Fayette, MS

Discover affordable housing in Fayette where there are 11+ 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.

Martin Luther King Apartments

205 Fayette Manor Dr, Fayette, Mississippi 39069

Northside Manor Apartments CO J and a Mgmt Co

Old Harriston Rd, Fayette, Mississippi 39069

Fayette

200 Spring St, Fayette, Mississippi 39069

Fayette Elderly Apartments

170 Fayette Manor Dr, Fayette, Mississippi 39069

Northside Manor

32 Northside Dr, Fayette, Mississippi 39069

Miss Housing Development Corp

483 Medgar Evers Blvd, Fayette, Mississippi 39069

Fayette Apartments Homes IV Llc

400 Spring St, Fayette, Mississippi 39069

Fayette Apartments Homes V Llc

500 Spring St, Fayette, Mississippi 39069

Ms Housing Development Corp

300 Spring St, Fayette, Mississippi 39069

Southwest Development Corporation

658 Teague St, Fayette, Mississippi 39069

Gloster

41 Arnold St, Fayette, Mississippi 39069

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Fayette, Mississippi
$17.10/hour
$9.85 (+136%) more than Mississippi minimum wage and $9.85 (+136%) more than the Federal minimum wage.
Learn More About Fayette, Mississippi Affordable Housing ↓

How many renters live in Fayette, Mississippi?

The City of Fayette has 1,640 people living in 621 households.

There are 827 renters living in 312 renter households in this City. Renters make up 50.43 percent of the population living in Fayette.

What is the rental market like in Fayette, Mississippi?

There are an estimated 784 housing units in the Fayette area. Of these, 322 units are rental homes, making up 41 percent of the housing market. For every renter household in Fayette, Mississippi, there are 1 rental units.

What is the vacancy rate for rentals in Fayette?

The rental vacancy rate in Fayette 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 Fayette for each bedroom size?

Occupied Rental Units by Size in Fayette
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 91 45 118 47
Occupied Rental Units by Size in Fayette

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

Among renter households in this market, 55 percent have housing cost burden. Further, 29 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 Fayette

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $683 to $1,219. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $683
One BR $687
Two BR $903
Three BR $1,184
Four BR $1,219
2024 Fair Market Rents in Fayette, Mississippi

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

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 91 100 percent
Two BR 27 60 percent
Rental Units Below FMR in Fayette, Mississippi

How many affordable rental units are in Fayette?

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

Federal Program Unit Count
Low Income Housing Tax Credit 24
Public Housing 42
Section 8 Project-Based Rental Assistance 140
USDA Section 515 Rural Rental Housing 60
Tracked Units by Federal Program in Fayette, Mississippi

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

Income Based Apartments in Fayette, Mississippi

Fayette features 266 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 Fayette, Mississippi

There are 84 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Fayette.

Housing Choice Vouchers in Fayette, Mississippi

On average, Section 8 Housing Choice vouchers pay Fayette landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Fayette.

The maximum amount a voucher would pay on behalf of a low-income tenant in Fayette, Mississippi for a two-bedroom apartment is between $813 and $993.

Sourced from federal housing data and AffordableHousingOnline.com research.