Affordable Housing In Madison County
19 Low Income Apartment Communities In Madison County
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 AffordableHousingOnline.com 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|
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.
|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.|