Low Income Apartments and Affordable Housing For Rent in New Albany, IN

Discover affordable housing in New Albany where there are 44+ 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.

821 - 23 W Market

821 W Market St, New Albany, Indiana 47150

switch_access_shortcut Short Wait
real_estate_agent Accepts Vouchers

1502 E Spring St

1502 E Spring St, New Albany, Indiana 47150

switch_access_shortcut Short Wait
real_estate_agent Accepts Vouchers

511 E Oak St

511 E Oak St, New Albany, Indiana 47150

switch_access_shortcut Short Wait
real_estate_agent Accepts Vouchers

Prestwick Square II

4011 Klerner Ln, New Albany, Indiana 47150

switch_access_shortcut Short Wait
real_estate_agent Accepts Vouchers
accessibility Accessible

How To Identify Affordable Housing in New Albany, Indiana

Look for program and preference badges on affordable apartment listings. These badges can help you identify the types of low income housing each apartment offers and if you may be eligbile for rental assistance or reduced rents.

Badge Description
switch_access_shortcut Short Wait
Low income apartments with no or short waiting lists.
payment Subsidized
Low income housing where the rent is subsidized and the renter pays only a portion of total rent.
real_estate_agent Accepts Vouchers
Apartments that accept Section 8 vouchers near you
elderly Senior
Rental housing for seniors who are 55 (or sometimes 62) and older.
payment Income Based
Affordable apartments where the rent paid is based on renter income.
accessibility Accessible
Meets Accessibilty Requirements of the Fair Housing Act, the ADA, or HUD policy.
accessible_forward Disability
Apartments for individuals or families with disabilities.
real_estate_agent Naturally Affordable
Naturally Occuring Affordable Housing - or NOAH - is any housing unit that offers affordable rent without participating in a rent subsidy program.
calendar_today Opened: Jul 26
Open Until Further Notice
devices
calendar_month

Reported On January 23rd, 2024 by Ayat Elkarib

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In New Albany, Indiana
$24.64/hour
$17.39 (+240%) more than Indiana minimum wage and $17.39 (+240%) more than the Federal minimum wage.
Learn More About New Albany, Indiana Affordable Housing ↓

What HUD offices serve New Albany, 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), Public Housing programs for New Albany, Indiana.
Operates the Section 8 Housing Choice Voucher (HCV) programs for New Albany, Indiana.

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

How many renters live in New Albany, Indiana?

The City of New Albany has people living in households.

There are renters living in renter households in this City. Renters make up 39.12 percent of the population living in New Albany.

What is the rental market like in New Albany, Indiana?

There are an estimated housing units in the New Albany area. Of these, units are rental homes, making up percent of the housing market. For every renter household in New Albany, Indiana, there are 1.14 rental units.

What is the vacancy rate for rentals in New Albany?

The rental vacancy rate in New Albany is 9 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 New Albany for each bedroom size?

Occupied Rental Units by Size in New Albany
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
161 1,550 3,517 1,376 191
Occupied Rental Units by Size in New Albany

A large number of apartments in New Albany have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How Much Is Rent in New Albany

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $976 to $1,955. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $976
One BR $1,077
Two BR $1,301
Three BR $1,701
Four BR $1,955
2024 Fair Market Rents in New Albany, Indiana

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

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 133 83 percent
One BR 1,371 88 percent
Two BR 2,750 78 percent
Rental Units Below FMR in New Albany, Indiana

How many affordable rental units are in New Albany?

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

Federal Program Unit Count
Low Income Housing Tax Credit
Public Housing
Section 8 Project-Based Rental Assistance
Section 202 Supportive Housing for the Elderly
Section 811 Supportive Housing for Persons with Disabilities
Tracked Units by Federal Program in New Albany, Indiana

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

Income Based Apartments in New Albany, Indiana

New Albany features 1,296 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 New Albany, Indiana

There are 505 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in New Albany.

Housing Choice Vouchers in New Albany, Indiana

On average, Section 8 Housing Choice vouchers pay New Albany landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in New Albany.

The maximum amount a voucher would pay on behalf of a low-income tenant in New Albany, Indiana for a two-bedroom apartment is between $1,171 and $1,431.

Sourced from federal housing data and AffordableHousingOnline.com research.

Email Signup
Don't Miss A Waiting List Opening