Affordable Housing In Madison County
17 Low Income Apartment Communities In Madison County
Other Housing Authorities located in Madison County
|Housing Authority of Richmond||Public Housing|
|Housing Authority of Berea||Public Housing|
|City of Richmond Section 8 Housing Program||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Madison County, Kentucky
There are 17 low income housing apartment communities offering 1,101 affordable apartments for rent in Madison County, Kentucky. Madison County features 688 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 277 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Madison County.
Sourced from federal housing data and AffordableHousingOnline.com research.
Madison County, KY Affordable Housing Snapshot
|Total Affordable Apartment Properties||17|
|Total Low Income Apartments||1,101|
|Total Housing Units with Rental Assistance||688|
|Percentage of Housing Units Occupied By Renters||40.77%|
|Average Renter Household Size||2.34|
|Average Household Size||2.49|
|Median Household Income||$42,390 ±$2,162|
|Median Rent||$647 ±$11|
|Percentage Of Renters Overburdened||47.29% ± 3.63pp|
Population and Household Demographics
Madison County is a County in Kentucky with a population of 85,838. There are 32,064 households in the county with an average household size of 2.49 persons. 40.77% of households in Madison County are renters.
Income and Rent Overburden in Madison County
The median gross income for households in Madison County is $42,390 a year, or $3,533 a month. The median rent for the county is $647 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Madison County, a household making less than $2,157 a month would be considered overburdened when renting an apartment at or above the median rent. 47.29% of households who rent are overburdened in Madison County.1
Area Median Income In Madison 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 Madison County, HUD calculates the Area Median Income for a family of four as $58,200
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 Madison 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 Madison County HUD Rental Assistance in Madison County
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$13,200||$16,910||$21,330||$25,750||$30,170||$34,590||$38,900||$41,400|
|50% of Median||$21,950||$25,100||$28,250||$31,350||$33,900||$36,400||$38,900||$41,400|
|80% of Median||$35,150||$40,150||$45,150||$50,150||$54,200||$58,200||$62,200||$66,200|
Fair Market Rents in Madison 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 Madison County
Select A City to View its Apartment Communities and Waiting Lists.
|Richmond||12||The HUD funded Public Housing Agencies that serve Richmond are the Housing Authority of Richmond and City of Richmond Section 8 Housing Program.|
|Berea||5||The HUD funded Public Housing Agency that serves Berea is the Housing Authority of Berea.|