Affordable Housing In Midway
1 Low Income Apartment Communities In Midway
Housing Authorities that serve Midway
|Kentucky Housing Corporation||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Midway, Kentucky
There are 1 low income housing apartment communities offering 24 affordable apartments for rent in Midway, Kentucky.
Income Based Apartments in Midway, Kentucky
Midway features 0 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 Midway, Kentucky
There are 24 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Midway.
Housing Choice Vouchers in Midway, Kentucky
On average, Section 8 Housing Choice vouchers pay Midway landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Midway.
The maximum amount a voucher would pay on behalf of a low-income tenant in Midway, Kentucky for a two-bedroom apartment is between $772 and $944.
2020 Midway, 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||$597||$678||$858||$1,189||$1,496|
|Payment Standard Range||$537 to $657||$610 to $746||$772 to $944||$1,070 to $1,308||$1,346 to $1,646|
Sourced from federal housing data and AffordableHousingOnline.com research.
Midway, KY Affordable Housing Snapshot
|Total Affordable Apartment Properties||1|
|Total Low Income Apartments||24|
|Total Housing Units with Rental Assistance||0|
|Percentage of Housing Units Occupied By Renters||31.05%|
|Average Renter Household Size||2.24|
|Average Household Size||2.35|
|Median Household Income||$52,117 ±$4,063|
|Median Rent||$818 ±$63|
|Percentage Of Renters Overburdened||36.27% ± 15.38pp|
Population and Household Demographics
Midway is a city in Woodford County, Kentucky with a population of 1,733. There are 657 households in the city with an average household size of 2.35 persons. 31.05% of households in Midway are renters.
Income and Rent Overburden in Midway
The median gross income for households in Midway is $52,117 a year, or $4,343 a month. The median rent for the city is $818 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Midway, a household making less than $2,727 a month would be considered overburdened when renting an apartment at or above the median rent. 36.27% of households who rent are overburdened in Midway.
Area Median Income In Midway
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.
HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Midway, the AMI is calculated from all households within Woodford County.
In Midway, HUD calculates the Area Median Income for a family of four as $79,400
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 Midway
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 Midway
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$16,700||$19,050||$21,720||$26,200||$30,680||$35,160||$39,640||$44,120|
|50% of Median||$27,800||$31,800||$35,750||$39,700||$42,900||$46,100||$49,250||$52,450|
|80% of Median||$44,450||$50,800||$57,150||$63,500||$68,600||$73,700||$78,750||$83,850|