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

Discover affordable housing in Sheridan where there are 3+ 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.

Sheridan Community Apartments

403 S California St, Sheridan, Indiana 46069

Spicewood Garden Apartments

901 Basil Ln, Sheridan, Indiana 46069

Sheridan Retirement

502 W 7th St, Sheridan, Indiana 46069

calendar_today Opened: Aug 1
Open Until Further Notice

Reported On January 29th, 2024 by Ayat Elkarib

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Sheridan, Indiana
$25.55/hour
$18.30 (+252%) more than Indiana minimum wage and $18.30 (+252%) more than the Federal minimum wage.
Learn More About Sheridan, Indiana Affordable Housing ↓

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

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

How many renters live in Sheridan, Indiana?

The City of Sheridan has 3,464 people living in 1,370 households.

There are 1,003 renters living in 453 renter households in this City. Renters make up 28.95 percent of the population living in Sheridan.

What is the rental market like in Sheridan, Indiana?

There are an estimated 1,446 housing units in the Sheridan area. Of these, 453 units are rental homes, making up 31 percent of the housing market. For every renter household in Sheridan, Indiana, there are 1 rental units.

What is the vacancy rate for rentals in Sheridan?

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

Occupied Rental Units by Size in Sheridan
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
7 166 156 124 0
Occupied Rental Units by Size in Sheridan

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

Among renter households in this market, 37 percent have housing cost burden. Further, 17 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 Sheridan

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $982 to $2,126. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $982
One BR $1,145
Two BR $1,349
Three BR $1,758
Four BR $2,126
2024 Fair Market Rents in Sheridan, Indiana

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

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 7 100 percent
One BR 150 90 percent
Two BR 138 88 percent
Rental Units Below FMR in Sheridan, Indiana

How many affordable rental units are in Sheridan?

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

Federal Program Unit Count
Low Income Housing Tax Credit 49
USDA Section 515 Rural Rental Housing 18
Tracked Units by Federal Program in Sheridan, Indiana

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

Income Based Apartments in Sheridan, Indiana

Sheridan features 28 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 Sheridan, Indiana

There are 25 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Sheridan.

Housing Choice Vouchers in Sheridan, Indiana

On average, Section 8 Housing Choice vouchers pay Sheridan landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in Sheridan.

The maximum amount a voucher would pay on behalf of a low-income tenant in Sheridan, Indiana for a two-bedroom apartment is between $1,214 and $1,484.

Sourced from federal housing data and AffordableHousingOnline.com research.