Affordable Housing In Fayette County
82 Low Income Apartment Communities In Fayette County
Housing Authorities that serve Fayette County
|Lexington-Fayette Urban County Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing; Homeownership Voucher; Moving to Work|
Guide To Affordable Housing in Fayette County, Kentucky
There are 82 low income housing apartment communities offering 5,555 affordable apartments for rent in Fayette County, Kentucky.
Income Based Apartments in Fayette County, Kentucky
Fayette County features 3,625 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 Fayette County, Kentucky
There are 1,876 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Fayette County.
Housing Choice Vouchers in Fayette County, Kentucky
On average, Section 8 Housing Choice vouchers pay Fayette County landlords $600 per month towards rent. The average voucher holder contributes $400 towards rent in Fayette County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Fayette County, Kentucky for a two-bedroom apartment is between $819 and $1,001.
2021 Fayette County, 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|
|Fayette County, Kentucky Fair Market Rent||$630||$728||$910||$1,256||$1,531|
|Fayette County, Kentucky Payment Standard Range||$567 to $693||$655 to $801||$819 to $1,001||$1,130 to $1,382||$1,378 to $1,684|
Sourced from federal housing data and AffordableHousingOnline.com research.
Fayette County, KY Affordable Housing Snapshot
|Total Affordable Apartment Properties||82|
|Total Low Income Apartments||5,555|
|Total Housing Units with Rental Assistance||3,625|
|Percentage of Housing Units Occupied By Renters||45.77%|
|Average Renter Household Size||2.22|
|Average Household Size||2.35|
|Median Household Income||$49,778 ±$810|
|Median Rent||$778 ±$11|
|Percentage Of Renters Overburdened||47.06% ± 1.58pp|
Population and Household Demographics
Fayette County is a county in Kentucky with a population of 308,306. There are 125,752 households in the county with an average household size of 2.35 persons. 45.77% of households in Fayette County are renters.
Income and Rent Overburden in Fayette County
The median gross income for households in Fayette County is $49,778 a year, or $4,148 a month. The median rent for the county is $778 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Fayette County, a household making less than $2,593 a month would be considered overburdened when renting an apartment at or above the median rent. 47.06% of households who rent are overburdened in Fayette County.
Area Median Income In Fayette County
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.
In Fayette County, HUD calculates the Area Median Income for a family of four as $75,500
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 Fayette County
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 Fayette County
|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 Fayette County AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Fayette County AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Fayette County AMI may qualify for rental assistance programs that target Low Income households.