How many renters live in Madison County, Kentucky?
The County of Madison County has people living in households.
There are renters living in renter households in this County. Renters make up 33.45 percent of the population living in Madison County.
What is the rental market like in Madison County, Kentucky?
There are an estimated housing units in the Madison County area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Madison County, Kentucky, there are 0.98 rental units.
What is the vacancy rate for rentals in Madison County?
The rental vacancy rate in Madison County is 5 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 Madison County for each bedroom size?
Occupied Rental Units by Size in Madison County
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 290 | 2,816 | 6,264 | 3,845 | 704 |
Occupied Rental Units by Size in Madison County
A large number of apartments in Madison County have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How Much Is Rent in Madison County
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $750 to $1,301. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $750 |
| One BR | $794 |
| Two BR | $914 |
| Three BR | $1,288 |
| Four BR | $1,301 |
2024 Fair Market Rents in Madison County, Kentucky
How many units are rented at Fair Market Rent (FMR) in Madison County?
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 | 187 | 64 percent |
| One BR | 1,953 | 69 percent |
| Two BR | 3,921 | 63 percent |
Rental Units Below FMR in Madison County, Kentucky
How many affordable rental units are in Madison County?
There are a variety of federal affordable housing programs serving households in Madison County, Kentucky including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | |
| Public Housing | |
| Section 8 Project-Based Rental Assistance | |
| Section 811 Supportive Housing for Persons with Disabilities | |
| USDA Section 515 Rural Rental Housing |
Tracked Units by Federal Program in Madison County, Kentucky
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Madison County, Kentucky
Madison County features 750 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 Madison County, Kentucky
There are 410 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Madison County.
Housing Choice Vouchers in Madison County, Kentucky
On average, Section 8 Housing Choice vouchers pay Madison County landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Madison County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Madison County, Kentucky for a two-bedroom apartment is between $823 and $1,005.
Sourced from federal housing data and AffordableHousingOnline.com research.