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

Discover affordable housing in Spencer where there are 2+ 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.

Greenbriar Apartments

421 Drake and Shockley St, Spencer, Tennessee 38585

Highland Village

100 Highland Village Dr, Spencer, Tennessee

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Spencer, Tennessee
$16.31/hour
$9.06 (+125%) more than Tennessee minimum wage and $9.06 (+125%) more than the Federal minimum wage.
Learn More About Spencer, Tennessee Affordable Housing ↓

What HUD offices serve Spencer, 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 Spencer, Tennessee.

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

How many renters live in Spencer, Tennessee?

The City of Spencer has 1,469 people living in 555 households.

There are 446 renters living in 198 renter households in this City. Renters make up 30.36 percent of the population living in Spencer.

What is the rental market like in Spencer, Tennessee?

There are an estimated 688 housing units in the Spencer area. Of these, 229 units are rental homes, making up 33 percent of the housing market. For every renter household in Spencer, Tennessee, there are 1 rental units.

What is the vacancy rate for rentals in Spencer?

The rental vacancy rate in Spencer is 14 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 Spencer for each bedroom size?

Occupied Rental Units by Size in Spencer
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 54 82 62 0
Occupied Rental Units by Size in Spencer

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

Among renter households in this market, 33 percent have housing cost burden. Further, 9 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 Spencer

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $680 to $1,209. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $680
One BR $684
Two BR $861
Three BR $1,163
Four BR $1,209
2024 Fair Market Rents in Spencer, Tennessee

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

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 53 98 percent
Two BR 64 78 percent
Rental Units Below FMR in Spencer, Tennessee

How many affordable rental units are in Spencer?

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

Federal Program Unit Count
Low Income Housing Tax Credit 32
Public Housing 22
Section 8 Project-Based Rental Assistance 19
USDA Section 515 Rural Rental Housing 57
Tracked Units by Federal Program in Spencer, Tennessee

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

Income Based Apartments in Spencer, Tennessee

Spencer features 32 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 Spencer, Tennessee

There are 25 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Spencer.

Housing Choice Vouchers in Spencer, Tennessee

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Spencer, Tennessee for a two-bedroom apartment is between $775 and $947.

Sourced from federal housing data and AffordableHousingOnline.com research.