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

Discover affordable housing in Spencer where there are 5+ 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.

Greenbriar Senior Apartments

770 E Franklin St, Spencer, Indiana 47460

Williamsburg Apartments Spencer

1 N Main St, Spencer, Indiana 47460

Sweet Owen

410 E Jefferson St, Spencer, Indiana 47460

Pines Apartments of Spencer

25 Pines Drive, Spencer, Indiana

Rusty Manor

53 E Wayne St, Spencer, Indiana 47460

calendar_today Opened: Jul 14
Open Until Further Notice

Reported On January 11th, 2024 by Ayat Elkarib

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Spencer, Indiana
$17.03/hour
$9.78 (+135%) more than Indiana minimum wage and $9.78 (+135%) more than the Federal minimum wage.
Learn More About Spencer, Indiana Affordable Housing ↓

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.

Operates the Section 8 Housing Choice Voucher (HCV) programs for Spencer, Indiana.

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 2,240 people living in 1,079 households.

There are 679 renters living in 379 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 1,241 housing units in the Spencer area. Of these, 392 units are rental homes, making up 32 percent of the housing market. For every renter household in Spencer, Indiana, there are 1 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 many renter households in Spencer are overburdened by housing costs?

Among renter households in this market, 46 percent have housing cost burden. Further, 16 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 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 68
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.