What HUD offices serve Spencer County, Indiana?
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.
Go to the Indiana Public Housing and Low-Income Apartments Waiting Lists page for openings near Spencer County.
How many renters live in Spencer County, Indiana?
The County of Spencer County has 19,935 people living in 7,858 households.
There are 2,803 renters living in 1,567 renter households in this County. Renters make up 14.06 percent of the population living in Spencer County.
What is the rental market like in Spencer County, Indiana?
There are an estimated 8,646 housing units in the Spencer County area. Of these, 1,652 units are rental homes, making up 19 percent of the housing market. For every renter household in Spencer County, Indiana, there are 1 rental units.
What is the vacancy rate for rentals in Spencer County?
The rental vacancy rate in Spencer County is 4 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 Spencer County for each bedroom size?
Occupied Rental Units by Size in Spencer County
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 83 | 312 | 624 | 448 | 100 |
Occupied Rental Units by Size in Spencer County
A large number of apartments in Spencer County 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 County are overburdened by housing costs?
Among renter households in this market, 37 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 Spencer County
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $585 to $1,407. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $585 |
| One BR | $657 |
| Two BR | $863 |
| Three BR | $1,184 |
| Four BR | $1,407 |
2024 Fair Market Rents in Spencer County, Indiana
How many units are rented at Fair Market Rent (FMR) in Spencer County?
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 | 83 | 100 percent |
| One BR | 246 | 79 percent |
| Two BR | 341 | 55 percent |
Rental Units Below FMR in Spencer County, Indiana
How many affordable rental units are in Spencer County?
There are a variety of federal affordable housing programs serving households in Spencer County, Indiana including the following:
| Federal Program | Unit Count |
| Public Housing | 141 |
| Section 8 Project-Based Rental Assistance | 22 |
| USDA Section 515 Rural Rental Housing | 132 |
Tracked Units by Federal Program in Spencer County, Indiana
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Spencer County, Indiana
Spencer County features 275 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 County, Indiana
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Spencer County.
Housing Choice Vouchers in Spencer County, Indiana
On average, Section 8 Housing Choice vouchers pay Spencer County landlords $500 per month towards rent. The average voucher holder contributes $400 towards rent in Spencer County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Spencer County, Indiana for a two-bedroom apartment is between $777 and $949.
Sourced from federal housing data and AffordableHousingOnline.com research.
