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Affordable Housing In Madison County

19 Low Income Apartment Communities In Madison County

Eastern Scholar House Apartments

801 Van Hoose Drive
Richmond, Kentucky
Call For Rent
2 BR

Madison Towers

225 N Madison Ave
Richmond, Kentucky
Call For Rent
1 BR

Saddlebrook Apartments

633 Big Hill Avenue
Richmond, Kentucky

Pebblecreek Crossing Apartments

418 Big Hill Avenue
Richmond, Kentucky

Madison Avenue Apartments

270 N Madison Ave
Richmond, Kentucky

Roselawn Subdivision

102 Gregory St
Berea, Kentucky

Richmond Manor Apartments

745 N 3rd St
Richmond, Kentucky

Telford Apartments

214 Hallie Irvine St
Richmond, Kentucky

Richmond Green

108 Richmond Green Dr
Richmond, Kentucky

Guide To Affordable Housing in Madison County, Kentucky

There are 19 low income housing apartment communities offering 1,205 affordable apartments for rent in Madison County, Kentucky.

Income Based Apartments in Madison County, Kentucky

Madison County features 792 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 277 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 $635 and $776.

2020 Madison 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 $482 $535 $705 $1,001 $1,004
Payment Standard Range $434 to $530 $482 to $589 $635 to $776 $901 to $1,101 $904 to $1,104

Sourced from federal housing data and research.

Madison County, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 19
Total Low Income Apartments 1,205
Total Housing Units with Rental Assistance 792
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
Total Population 85,838

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.

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 $70,600

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 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 $14,250 $17,240 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $23,700 $27,050 $30,450 $33,800 $36,550 $39,250 $41,950 $44,650
80% of Median $37,900 $43,300 $48,700 $54,100 $58,450 $62,800 $67,100 $71,450

Cities In Madison County

Select A City to View its Apartment Communities and Waiting Lists.

City Served By
Berea The HUD funded Public Housing Agency that serves Berea is the Housing Authority of Berea.
Richmond The HUD funded Public Housing Agencies that serve Richmond are the Housing Authority of Richmond and City of Richmond Section 8 Housing Program.