Affordable Housing In Fancy Farm
4 Low Income Apartment Communities In Fancy Farm
Guide To Affordable Housing in Fancy Farm, Kentucky
There are 4 low income housing apartment communities offering 40 affordable apartments for rent in Fancy Farm, Kentucky.
Income Based Apartments in Fancy Farm, Kentucky
Fancy Farm 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 Fancy Farm, Kentucky
There are 12 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Fancy Farm.
Housing Choice Vouchers in Fancy Farm, Kentucky
On average, Section 8 Housing Choice vouchers pay Fancy Farm landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Fancy Farm.
The maximum amount a voucher would pay on behalf of a low-income tenant in Fancy Farm, Kentucky for a two-bedroom apartment is between $568 and $694.
2020 Fancy Farm, Kentucky Fair Market Rents and Housing Choice Voucher Payment Standards
Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.
|Studio||One BR||Two BR||Three BR||Four BR|
|Fair Market Rent||$448||$479||$631||$845||$855|
|Payment Standard Range||$403 to $493||$431 to $527||$568 to $694||$761 to $930||$770 to $941|
Sourced from federal housing data and AffordableHousingOnline.com research.
Fancy Farm, KY Affordable Housing Snapshot
|Total Affordable Apartment Properties||4|
|Total Low Income Apartments||40|
|Total Housing Units with Rental Assistance||28|
|Percentage of Housing Units Occupied By Renters||16.59%|
|Average Renter Household Size||1.14|
|Average Household Size||2.78|
|Median Household Income||$40,781 ±$29,028|
|Median Rent||$265 ±$39|
|Percentage Of Renters Overburdened||14.29% ± 57.62pp|
Population and Household Demographics
Fancy Farm is a City in Graves County, Kentucky with a population of 593. There are 211 households in the city with an average household size of 2.78 persons. 16.59% of households in Fancy Farm are renters.
Income and Rent Overburden in Fancy Farm
The median gross income for households in Fancy Farm is $40,781 a year, or $3,398 a month. The median rent for the city is $265 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Fancy Farm, a household making less than $883 a month would be considered overburdened when renting an apartment at or above the median rent. 14.29% of households who rent are overburdened in Fancy Farm.1
Area Median Income In Fancy Farm
Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.
HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Fancy Farm, the AMI is calculated from all households within Graves County.
In Fancy Farm, HUD calculates the Area Median Income for a family of four as $56,100
Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.
Rental Assistance in Fancy Farm
Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.
Income Qualifications for HUD Rental Assistance in Fancy Farm
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$12,490||$16,910||$21,330||$25,750||$30,170||$32,550||$34,800||$37,050|
|50% of Median||$19,650||$22,450||$25,250||$28,050||$30,300||$32,550||$34,800||$37,050|
|80% of Median||$31,450||$35,950||$40,450||$44,900||$48,500||$52,100||$55,700||$59,300|