What HUD offices serve Palmyra, 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 Palmyra.
How many renters live in Palmyra, Indiana?
The City of Palmyra has 1,323 people living in 558 households.
There are 356 renters living in 233 renter households in this City. Renters make up 26.91 percent of the population living in Palmyra.
What is the rental market like in Palmyra, Indiana?
There are an estimated 605 housing units in the Palmyra area. Of these, 233 units are rental homes, making up 39 percent of the housing market. For every renter household in Palmyra, Indiana, there are 1 rental units.
What is the vacancy rate for rentals in Palmyra?
The rental vacancy rate in Palmyra is 0 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 Palmyra for each bedroom size?
Occupied Rental Units by Size in Palmyra
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 55 | 122 | 46 | 10 |
Occupied Rental Units by Size in Palmyra
A large number of apartments in Palmyra 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 Palmyra are overburdened by housing costs?
Among renter households in this market, 54 percent have housing cost burden. Further, 12 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 Palmyra
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 Palmyra, Indiana
How many units are rented at Fair Market Rent (FMR) in Palmyra?
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 | 55 | 100 percent |
| Two BR | 112 | 92 percent |
Rental Units Below FMR in Palmyra, Indiana
How many affordable rental units are in Palmyra?
There are a variety of federal affordable housing programs serving households in Palmyra, Indiana including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 12 |
| USDA Section 515 Rural Rental Housing | 24 |
Tracked Units by Federal Program in Palmyra, Indiana
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Palmyra, Indiana
Palmyra features 24 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 Palmyra, Indiana
There are 6 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Palmyra.
Housing Choice Vouchers in Palmyra, Indiana
On average, Section 8 Housing Choice vouchers pay Palmyra landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Palmyra.
The maximum amount a voucher would pay on behalf of a low-income tenant in Palmyra, Indiana for a two-bedroom apartment is between $1,171 and $1,431.
Sourced from federal housing data and AffordableHousingOnline.com research.
