What HUD offices serve Spencer, 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 Spencer.
How many renters live in Spencer, Indiana?
The City of Spencer has people living in households.
There are renters living in renter households in this City. Renters make up 30.31 percent of the population living in Spencer.
What is the rental market like in Spencer, Indiana?
There are an estimated housing units in the Spencer area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Spencer, Indiana, there are 1.03 rental units.
What is the vacancy rate for rentals in Spencer?
The rental vacancy rate in Spencer is 3 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 Spencer for each bedroom size?
Occupied Rental Units by Size in Spencer
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 15 | 168 | 168 | 28 | 0 |
Occupied Rental Units by Size in Spencer
A large number of apartments in Spencer 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 Spencer
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $683 to $1,488. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $683 |
| One BR | $684 |
| Two BR | $899 |
| Three BR | $1,146 |
| Four BR | $1,488 |
2024 Fair Market Rents in Spencer, Indiana
How many units are rented at Fair Market Rent (FMR) in Spencer?
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 | 13 | 87 percent |
| One BR | 85 | 51 percent |
| Two BR | 63 | 38 percent |
Rental Units Below FMR in Spencer, Indiana
How many affordable rental units are in Spencer?
There are a variety of federal affordable housing programs serving households in Spencer, Indiana including the following:
| Federal Program | Unit Count |
| Section 8 Project-Based Rental Assistance |
Tracked Units by Federal Program in Spencer, Indiana
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Spencer, Indiana
Spencer features 108 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 Spencer, Indiana
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Spencer.
Housing Choice Vouchers in Spencer, Indiana
On average, Section 8 Housing Choice vouchers pay Spencer landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Spencer.
The maximum amount a voucher would pay on behalf of a low-income tenant in Spencer, Indiana for a two-bedroom apartment is between $809 and $989.
Sourced from federal housing data and AffordableHousingOnline.com research.