Low Income Apartments and Affordable Housing For Rent in Monticello, IN

Discover affordable housing in Monticello 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.

Chestnut Village

421 Chestnut St, Monticello, Indiana 47960

Twin Lakes Senior Citizens

205 E Fisher St, Monticello, Indiana 47960

Oakview Apartments

10 Oakview Drive, Monticello, Indiana

Olde Mill Apts

100 Spencer St., Monticello, Indiana

calendar_today Opened: Aug 10
Open Until Further Notice

Reported On February 23rd, 2024 by Nathan Brunet

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Monticello, Indiana
$16.99/hour
$9.74 (+134%) more than Indiana minimum wage and $9.74 (+134%) more than the Federal minimum wage.
Learn More About Monticello, Indiana Affordable Housing ↓

What HUD offices serve Monticello, 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.

Operates the Section 8 Housing Choice Voucher (HCV) programs for Monticello, Indiana.

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

How many renters live in Monticello, Indiana?

The City of Monticello has 5,488 people living in 2,601 households.

There are 1,477 renters living in 979 renter households in this City. Renters make up 26.91 percent of the population living in Monticello.

What is the rental market like in Monticello, Indiana?

There are an estimated 2,744 housing units in the Monticello area. Of these, 1,054 units are rental homes, making up 38 percent of the housing market. For every renter household in Monticello, Indiana, there are 1 rental units.

What is the vacancy rate for rentals in Monticello?

The rental vacancy rate in Monticello 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 Monticello for each bedroom size?

Occupied Rental Units by Size in Monticello
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
27 230 641 36 0
Occupied Rental Units by Size in Monticello

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

Among renter households in this market, 41 percent have housing cost burden. Further, 22 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 Monticello

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $624 to $1,195. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $624
One BR $683
Two BR $897
Three BR $1,085
Four BR $1,195
2024 Fair Market Rents in Monticello, Indiana

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

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 27 100 percent
One BR 172 75 percent
Two BR 331 52 percent
Rental Units Below FMR in Monticello, Indiana

How many affordable rental units are in Monticello?

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

Federal Program Unit Count
Low Income Housing Tax Credit 60
Section 8 Project-Based Rental Assistance 25
Section 811 Supportive Housing for Persons with Disabilities 15
USDA Section 515 Rural Rental Housing 138
Tracked Units by Federal Program in Monticello, Indiana

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

Income Based Apartments in Monticello, Indiana

Monticello features 133 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 Monticello, Indiana

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Monticello.

Housing Choice Vouchers in Monticello, Indiana

On average, Section 8 Housing Choice vouchers pay Monticello landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Monticello.

The maximum amount a voucher would pay on behalf of a low-income tenant in Monticello, Indiana for a two-bedroom apartment is between $807 and $987.

Sourced from federal housing data and AffordableHousingOnline.com research.