Affordable Housing In Franklin County
18 Low Income Apartment Communities In Franklin County
Guide To Affordable Housing in Franklin County, Kentucky
There are 18 low income housing apartment communities offering 929 affordable apartments for rent in Franklin County, Kentucky.
Income Based Apartments in Franklin County, Kentucky
Franklin County features 596 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 Franklin County, Kentucky
There are 333 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Franklin County.
Housing Choice Vouchers in Franklin County, Kentucky
On average, Section 8 Housing Choice vouchers pay Franklin County landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Franklin County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Franklin County, Kentucky for a two-bedroom apartment is between $674 and $824.
2020 Franklin 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|
|Fair Market Rent||$493||$630||$749||$991||$1,193|
|Payment Standard Range||$444 to $542||$567 to $693||$674 to $824||$892 to $1,090||$1,074 to $1,312|
Sourced from federal housing data and AffordableHousingOnline.com research.
Franklin County, KY Affordable Housing Snapshot
|Total Affordable Apartment Properties||18|
|Total Low Income Apartments||929|
|Total Housing Units with Rental Assistance||596|
|Percentage of Housing Units Occupied By Renters||37.05%|
|Average Renter Household Size||2.14|
|Average Household Size||2.28|
|Median Household Income||$47,964 ±$2,842|
|Median Rent||$687 ±$25|
|Percentage Of Renters Overburdened||45.41% ± 4.94pp|
Population and Household Demographics
Franklin County is a county in Kentucky with a population of 49,778. There are 21,033 households in the county with an average household size of 2.28 persons. 37.05% of households in Franklin County are renters.
Income and Rent Overburden in Franklin County
The median gross income for households in Franklin County is $47,964 a year, or $3,997 a month. The median rent for the county is $687 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Franklin County, a household making less than $2,290 a month would be considered overburdened when renting an apartment at or above the median rent. 45.41% of households who rent are overburdened in Franklin County.
Area Median Income In Franklin 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 Franklin County, HUD calculates the Area Median Income for a family of four as $71,100
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 Franklin 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 Franklin County
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$14,950||$17,240||$21,720||$26,200||$30,680||$35,160||$39,640||$44,120|
|50% of Median||$24,900||$28,450||$32,000||$35,550||$38,400||$41,250||$44,100||$46,950|
|80% of Median||$39,850||$45,550||$51,250||$56,900||$61,500||$66,050||$70,600||$75,150|