Low Income Apartments and Affordable Housing For Rent in Frankfort, KY

Discover affordable housing in Frankfort where there are 18+ 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.

Prince Hall Village Apartments

1100 Prince Hall Vlg, Frankfort, Kentucky 40601

Project Outreach - Leawood

713 Leawood Dr, Frankfort, Kentucky 40601

Project Outreach Seneca

529 Pawnee Trl, Frankfort, Kentucky 40601

Kings Daughters Apartments

220 Hanna Pl, Frankfort, Kentucky 40601

Hickory Hills Manor

120 Marlowe Ct, Frankfort, Kentucky 40601

Project Outreach Esperanza, Inc

200 Esperanza Dr, Frankfort, Kentucky 40601

Woodside Park

1335 Louisville Rd, Frankfort, Kentucky 40601

Franklin Place Apartments

126 Deepwood Dr, Frankfort, Kentucky 40601

Cottages of Frankfort I

871 Cardwell Lane , Frankfort, Kentucky 40601

Austin Park Apartments

146 Montgomery Ave, Frankfort, Kentucky 40601

Sarah Apartments

68 C Michael Davenport Blvd, Frankfort, Kentucky 40601

Emily Apartments

325 Brighton Park Blvd, Frankfort, Kentucky 40601

Creative Housing Lp

276 E Main St, Frankfort, Kentucky 40601

Frankfort Apartments II

220 Bypass Plaza Dr, Frankfort, Kentucky 40601

Leestown Terrace

216 W 2nd St, Frankfort, Kentucky 40601

Kirkland Fields ( Fka East Main Project )

264 E Main St, Frankfort, Kentucky 40601

35 Ashwood Court

35 Ashwood Ct, Frankfort, Kentucky 40601

Wcms Training Project

100 Anywhere St, Frankfort, Kentucky 40601

Open Until Further Notice

Reported On February 23rd, 2024 by Nathan Brunet

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Frankfort, Kentucky
$12.48 (+172%) more than Kentucky minimum wage and $12.48 (+172%) more than the Federal minimum wage.
Learn More About Frankfort, Kentucky Affordable Housing ↓

What HUD offices serve Frankfort, Kentucky?

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Operates the Section 8 Housing Choice Voucher (HCV), Public Housing programs for Frankfort, Kentucky.

Go to the Kentucky Public Housing and Low-Income Apartments Waiting Lists page for openings near Frankfort.

How many renters live in Frankfort, Kentucky?

The City of Frankfort has 28,460 people living in 12,670 households.

There are 14,008 renters living in 6,594 renter households in this City. Renters make up 49.22 percent of the population living in Frankfort.

What is the rental market like in Frankfort, Kentucky?

There are an estimated 13,492 housing units in the Frankfort area. Of these, 6,752 units are rental homes, making up 50 percent of the housing market. For every renter household in Frankfort, Kentucky, there are 1 rental units.

What is the vacancy rate for rentals in Frankfort?

The rental vacancy rate in Frankfort is 2 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 Frankfort for each bedroom size?

Occupied Rental Units by Size in Frankfort
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
553 1,411 3,284 1,054 280
Occupied Rental Units by Size in Frankfort

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

Among renter households in this market, 42 percent have housing cost burden. Further, 20 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 Frankfort

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $731 to $1,687. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $731
One BR $831
Two BR $1,042
Three BR $1,373
Four BR $1,687
2024 Fair Market Rents in Frankfort, Kentucky

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

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
Studio 422 76 percent
One BR 991 70 percent
Two BR 1,954 60 percent
Rental Units Below FMR in Frankfort, Kentucky

How many affordable rental units are in Frankfort?

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

Federal Program Unit Count
Low Income Housing Tax Credit 424
Public Housing 207
Section 8 Project-Based Rental Assistance 332
Section 811 Supportive Housing for Persons with Disabilities 12
Tracked Units by Federal Program in Frankfort, Kentucky

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

Income Based Apartments in Frankfort, Kentucky

Frankfort features 590 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 Frankfort, Kentucky

There are 227 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Frankfort.

Housing Choice Vouchers in Frankfort, Kentucky

On average, Section 8 Housing Choice vouchers pay Frankfort landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Frankfort.

The maximum amount a voucher would pay on behalf of a low-income tenant in Frankfort, Kentucky for a two-bedroom apartment is between $938 and $1,146.

Sourced from federal housing data and AffordableHousingOnline.com research.