What HUD offices serve Somerset, 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 Somerset.
How many renters live in Somerset, Indiana?
The City of Somerset has people living in households.
There are renters living in renter households in this City. Renters make up 9.47 percent of the population living in Somerset.
What is the rental market like in Somerset, Indiana?
There are an estimated housing units in the Somerset area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Somerset, Indiana, there are 1 rental units.
What is the vacancy rate for rentals in Somerset?
The rental vacancy rate in Somerset 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 Somerset for each bedroom size?
Occupied Rental Units by Size in Somerset
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 27 | 0 | 0 | 0 |
Occupied Rental Units by Size in Somerset
A large number of apartments in Somerset 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 Somerset
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $602 to $1,153. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $602 |
| One BR | $659 |
| Two BR | $866 |
| Three BR | $1,047 |
| Four BR | $1,153 |
2024 Fair Market Rents in Somerset, Indiana
How many units are rented at Fair Market Rent (FMR) in Somerset?
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 | 22 | 81 percent |
Rental Units Below FMR in Somerset, Indiana
How many affordable rental units are in Somerset?
Income Based Apartments in Somerset, Indiana
Somerset features 0 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 Somerset, Indiana
There are 24 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Somerset.
Housing Choice Vouchers in Somerset, Indiana
On average, Section 8 Housing Choice vouchers pay Somerset landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Somerset.
The maximum amount a voucher would pay on behalf of a low-income tenant in Somerset, Indiana for a two-bedroom apartment is between $779 and $953.
Sourced from federal housing data and AffordableHousingOnline.com research.
