Low Income Apartments and Affordable Housing For Rent in Algood, TN

Discover affordable housing in Algood where there are 4+ 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.

Rolling Meadows Apartments

186 Dry Valley Rd, Algood, Tennessee 38506

Algood Manor Apartments

100 Maddux Rd, Algood, Tennessee 38501

Greenwood Place

265 Quinland Lake Road, Algood, Tennessee 38506

135 Wall St

135 Wall St, Algood, Tennessee 38506

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Algood, Tennessee
$18.77/hour
$11.52 (+159%) more than Tennessee minimum wage and $11.52 (+159%) more than the Federal minimum wage.
Learn More About Algood, Tennessee Affordable Housing ↓

What HUD offices serve Algood, Tennessee?

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 Section 8 Housing Choice Voucher (HCV), Family Self-Sufficiency, Mainstream Voucher, Homeownership programs for Algood, Tennessee.

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

How many renters live in Algood, Tennessee?

The City of Algood has 3,944 people living in 1,752 households.

There are 1,632 renters living in 966 renter households in this City. Renters make up 41.38 percent of the population living in Algood.

What is the rental market like in Algood, Tennessee?

There are an estimated 1,803 housing units in the Algood area. Of these, 966 units are rental homes, making up 54 percent of the housing market. For every renter household in Algood, Tennessee, there are 1 rental units.

What is the vacancy rate for rentals in Algood?

The rental vacancy rate in Algood is 0 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 Algood for each bedroom size?

Occupied Rental Units by Size in Algood
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 252 315 372 27
Occupied Rental Units by Size in Algood

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

Among renter households in this market, 58 percent have housing cost burden. Further, 25 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 Algood

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $760 to $1,578. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $760
One BR $764
Two BR $991
Three BR $1,368
Four BR $1,578
2024 Fair Market Rents in Algood, Tennessee

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

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 161 64 percent
Two BR 117 37 percent
Rental Units Below FMR in Algood, Tennessee

How many affordable rental units are in Algood?

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

Federal Program Unit Count
Low Income Housing Tax Credit 126
Public Housing 26
Section 8 Project-Based Rental Assistance 56
USDA Section 515 Rural Rental Housing 80
Tracked Units by Federal Program in Algood, Tennessee

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

Income Based Apartments in Algood, Tennessee

Algood features 83 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 Algood, Tennessee

There are 72 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Algood.

Housing Choice Vouchers in Algood, Tennessee

On average, Section 8 Housing Choice vouchers pay Algood landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Algood.

The maximum amount a voucher would pay on behalf of a low-income tenant in Algood, Tennessee for a two-bedroom apartment is between $892 and $1,090.

Sourced from federal housing data and AffordableHousingOnline.com research.