Low Income Apartments and Affordable Housing For Rent in Fancy Farm, KY

Discover affordable housing in Fancy Farm where there are 4+ 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.

Villa Madonna East

48 Father Riney Rd, Fancy Farm, Kentucky 42039

Villa Madonna South Apartments

85 Father Riney Rd, Fancy Farm, Kentucky 42039

Villa Madonna West Apartments

36 Father Riney Rd, Fancy Farm, Kentucky 42039

Christopher Home

10093 State Route 80 W, Fancy Farm, Kentucky 42039

How To Identify Affordable Housing in Fancy Farm, Kentucky

Look for program and preference badges on affordable apartment listings. These badges can help you identify the types of low income housing each apartment offers and if you may be eligbile for rental assistance or reduced rents.

Badge Description
switch_access_shortcut Short Wait
Low income apartments with no or short waiting lists.
payment Subsidized
Low income housing where the rent is subsidized and the renter pays only a portion of total rent.
real_estate_agent Accepts Vouchers
Apartments that accept Section 8 vouchers near you
elderly Senior
Rental housing for seniors who are 55 (or sometimes 62) and older.
payment Income Based
Affordable apartments where the rent paid is based on renter income.
accessibility Accessible
Meets Accessibilty Requirements of the Fair Housing Act, the ADA, or HUD policy.
accessible_forward Disability
Apartments for individuals or families with disabilities.
The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Fancy Farm, Kentucky
$16.10/hour
$8.85 (+122%) more than Kentucky minimum wage and $8.85 (+122%) more than the Federal minimum wage.
Learn More About Fancy Farm, Kentucky Affordable Housing ↓

How many renters live in Fancy Farm, Kentucky?

The City of Fancy Farm has 300 people living in 151 households.

There are 116 renters living in 77 renter households in this City. Renters make up 38.67 percent of the population living in Fancy Farm.

What is the rental market like in Fancy Farm, Kentucky?

There are an estimated 151 housing units in the Fancy Farm area. Of these, 77 units are rental homes, making up 51 percent of the housing market. For every renter household in Fancy Farm, Kentucky, there are 1 rental units.

What is the vacancy rate for rentals in Fancy Farm?

The rental vacancy rate in Fancy Farm 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 Fancy Farm for each bedroom size?

Occupied Rental Units by Size in Fancy Farm
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 32 15 30 0
Occupied Rental Units by Size in Fancy Farm

A large number of apartments in Fancy Farm 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 Fancy Farm are overburdened by housing costs?

Among renter households in this market, 60 percent have housing cost burden. Further, 60 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 Fancy Farm

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $616 to $1,442. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $616
One BR $647
Two BR $850
Three BR $1,198
Four BR $1,442
2024 Fair Market Rents in Fancy Farm, Kentucky

How many units are rented at Fair Market Rent (FMR) in Fancy Farm?

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 32 100 percent
Two BR 15 100 percent
Rental Units Below FMR in Fancy Farm, Kentucky

How many affordable rental units are in Fancy Farm?

There are a variety of federal affordable housing programs serving households in Fancy Farm, Kentucky including the following:

Federal Program Unit Count
Section 8 Project-Based Rental Assistance 12
Section 202 Supportive Housing for the Elderly 12
USDA Section 515 Rural Rental Housing 12
Tracked Units by Federal Program in Fancy Farm, Kentucky

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Fancy Farm, Kentucky

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.

Low Rent Apartments in Fancy Farm, Kentucky

There are 0 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 $765 and $935.

Sourced from federal housing data and AffordableHousingOnline.com research.