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

Discover affordable housing in Troy where there are 1+ 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.

Troy Place Apartments

501 S Mary Jane St, Troy, Tennessee 38260

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

What HUD offices serve Troy, 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 Troy, Tennessee.

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

How many renters live in Troy, Tennessee?

The City of Troy has 1,941 people living in 786 households.

There are 709 renters living in 230 renter households in this City. Renters make up 36.53 percent of the population living in Troy.

What is the rental market like in Troy, Tennessee?

There are an estimated 863 housing units in the Troy area. Of these, 262 units are rental homes, making up 30 percent of the housing market. For every renter household in Troy, Tennessee, there are 1 rental units.

What is the vacancy rate for rentals in Troy?

The rental vacancy rate in Troy is 8 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 Troy for each bedroom size?

Occupied Rental Units by Size in Troy
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
12 11 143 61 3
Occupied Rental Units by Size in Troy

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

Among renter households in this market, 30 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 Troy

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $717 to $1,147. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $717
One BR $721
Two BR $861
Three BR $1,098
Four BR $1,147
2024 Fair Market Rents in Troy, Tennessee

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

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 12 100 percent
One BR 5 45 percent
Two BR 111 78 percent
Rental Units Below FMR in Troy, Tennessee

How many affordable rental units are in Troy?

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

Federal Program Unit Count
Low Income Housing Tax Credit 12
Public Housing 11
Tracked Units by Federal Program in Troy, Tennessee

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

Income Based Apartments in Troy, Tennessee

Troy features 0 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 Troy, Tennessee

There are 16 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Troy.

Housing Choice Vouchers in Troy, Tennessee

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

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

Sourced from federal housing data and AffordableHousingOnline.com research.