Affordable Housing In Floyd County
7 Low Income Apartment Communities In Floyd County
Housing Authorities that serve Floyd County
|Housing Authority of Floyd County||Section 8 Housing Choice Voucher (HCV); Public Housing|
Other Housing Authorities located in Floyd County
|Housing Authority of Prestonsburg||Section 8 Housing Choice Voucher (HCV); Public Housing|
|Housing Authority of Martin||Public Housing|
Guide To Affordable Housing in Floyd County, Kentucky
There are 7 low income housing apartment communities offering 565 affordable apartments for rent in Floyd County, Kentucky. Floyd County features 533 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 32 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Floyd County.
Sourced from federal housing data and AffordableHousingOnline.com research.
Floyd County, KY Affordable Housing Snapshot
|Total Affordable Apartment Properties||7|
|Total Low Income Apartments||565|
|Total Housing Units with Rental Assistance||533|
|Percentage of Housing Units Occupied By Renters||30.25%|
|Average Renter Household Size||2.38|
|Average Household Size||2.45|
|Median Household Income||$30,096 ±$2,551|
|Median Rent||$543 ±$27|
|Percentage Of Renters Overburdened||39.22% ± 6.06pp|
Population and Household Demographics
Floyd County is a County in Kentucky with a population of 38,649. There are 15,418 households in the county with an average household size of 2.45 persons. 30.25% of households in Floyd County are renters.
Income and Rent Overburden in Floyd County
The median gross income for households in Floyd County is $30,096 a year, or $2,508 a month. The median rent for the county is $543 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Floyd County, a household making less than $1,810 a month would be considered overburdened when renting an apartment at or above the median rent. 39.22% of households who rent are overburdened in Floyd County.1
Area Median Income In Floyd 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 Floyd County, HUD calculates the Area Median Income for a family of four as $39,500
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 Floyd 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 Floyd County HUD Rental Assistance in Floyd County
|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||$25,600||$27,650||$29,700||$31,750||$33,800|
|50% of Median||$17,950||$20,500||$23,050||$25,600||$27,650||$29,700||$31,750||$33,800|
|80% of Median||$28,700||$32,800||$36,900||$40,950||$44,250||$47,550||$50,800||$54,100|
Fair Market Rents in Floyd County
Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.
2020 Fair Market Rents
|Studio||One BR||Two BR||Three BR||Four BR|
Cities In Floyd County
Select A City to View its Apartment Communities and Waiting Lists.
|Prestonsburg||5||The HUD funded Public Housing Agencies that serve Prestonsburg are the Housing Authority of Prestonsburg and Housing Authority of Floyd County.|
|Wheelwright||0||The HUD funded Public Housing Agency that serves Wheelwright is the Housing Authority of Floyd County.|
|Allen||0||The HUD funded Public Housing Agency that serves Allen is the Housing Authority of Floyd County.|
|Auxier||0||The HUD funded Public Housing Agency that serves Auxier is the Housing Authority of Floyd County.|
|Dwale||0||The HUD funded Public Housing Agency that serves Dwale is the Housing Authority of Floyd County.|
|Martin||2||The HUD funded Public Housing Agency that serves Martin is the Housing Authority of Floyd County.|
|Maytown||0||The HUD funded Public Housing Agency that serves Maytown is the Housing Authority of Floyd County.|
|Wayland||0||The HUD funded Public Housing Agency that serves Wayland is the Housing Authority of Floyd County.|
|Betsy Layne||0||The HUD funded Public Housing Agency that serves Betsy Layne is the Housing Authority of Floyd County.|