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.
