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

Discover affordable housing in Monterey 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.

Highland Manor II

614 N Holly ST, Monterey, Tennessee 38574

Highland Manor Apartments

535 Old Walton Rd, Monterey, Tennessee 38574

Wonderwood II Apartments

1020 N Chestnut St, Monterey, Tennessee 38574

Chestnut Apartments

1010 N Chestnut St, Monterey, Tennessee 38574

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Monterey, 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 Monterey, Tennessee Affordable Housing ↓

What HUD offices serve Monterey, 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 Monterey, Tennessee.

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

How many renters live in Monterey, Tennessee?

The City of Monterey has 2,751 people living in 877 households.

There are 1,654 renters living in 468 renter households in this City. Renters make up 60.12 percent of the population living in Monterey.

What is the rental market like in Monterey, Tennessee?

There are an estimated 1,029 housing units in the Monterey area. Of these, 505 units are rental homes, making up 49 percent of the housing market. For every renter household in Monterey, Tennessee, there are 1 rental units.

What is the vacancy rate for rentals in Monterey?

The rental vacancy rate in Monterey is 7 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 Monterey for each bedroom size?

Occupied Rental Units by Size in Monterey
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
9 75 221 108 43
Occupied Rental Units by Size in Monterey

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

Among renter households in this market, 39 percent have housing cost burden. Further, 10 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 Monterey

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 Monterey, Tennessee

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

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 4 44 percent
One BR 52 69 percent
Two BR 160 72 percent
Rental Units Below FMR in Monterey, Tennessee

How many affordable rental units are in Monterey?

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

Federal Program Unit Count
Low Income Housing Tax Credit 24
Public Housing 79
Section 202 Supportive Housing for the Elderly 11
USDA Section 515 Rural Rental Housing 48
Tracked Units by Federal Program in Monterey, Tennessee

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

Income Based Apartments in Monterey, Tennessee

Monterey features 58 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 Monterey, Tennessee

There are 24 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Monterey.

Housing Choice Vouchers in Monterey, Tennessee

On average, Section 8 Housing Choice vouchers pay Monterey landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Monterey.

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

Sourced from federal housing data and AffordableHousingOnline.com research.