There are 0 low-income apartments in Fancy Farm that offer reduced rents to eligible households.
Rental assistance programs support 40 low-income homes in Fancy Farm where households pay rent based on how much they earn. For 2023, elgible households participating in federally assisted housing pay an average of $-4 towards rent each month.
Affordable rent data for some communities last confirmed on October 30th, 2019. Subdsidized rents typically change once a year based on federal guidance.
Fancy Farm features 40 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Fancy Farm.
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 $668 and $816.
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|
|Fancy Farm, Kentucky Fair Market Rent||$538||$564||$742||$1,043||$1,130|
|Fancy Farm, Kentucky Payment Standard Range||$484 to $592||$508 to $620||$668 to $816||$939 to $1,147||$1,017 to $1,243|
Sourced from federal housing data and AffordableHousingOnline.com research.
|Total Affordable Apartment Properties||4|
|Total Low Income Apartments||40|
|Total Housing Units with Rental Assistance||40|
|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|
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.
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.
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 $69,300
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 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.
|1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% AMI Income Limits
Renters earning up to 30% of the Fancy Farm AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Fancy Farm AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Fancy Farm AMI may qualify for rental assistance programs that target Low Income households.