Monticello, Kentucky Affordable Housing

Affordable Housing programs support 280 income based apartments in Monticello where households pay rent based on how much they earn.

There are 68 affordable apartments in Monticello that offer reduced rents to low-income households.

Waiting Lists in Monticello, Kentucky

There are no open Section 8 Housing Choice Voucher waiting lists in Monticello. Go to the Kentucky Section 8 Waiting Lists page for openings near Monticello.

Mason Greene Apartments

345 Stokes St
Monticello, Kentucky
Rent Assisted

Beech Valley Manor

301 Beech Valley Mnr
Monticello, Kentucky
Rent Assisted
Elderly Supportive Housing

Monticello Senior

70 Cumberland Ct
Monticello, Kentucky
Rent Assisted

Homestead Heights

100 Conn St
Monticello, Kentucky

Monticello Village Apartments

130 Surrey Hill Rd
Monticello, Kentucky
Rent Assisted

Mason Greene

Stokes Dr
Monticello, Kentucky

Cumberland Court

101cumberland Court
Monticello, Kentucky
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Public Housing Agencies Serving Monticello, Kentucky

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Waiting lists for project-based assistance, like the Public Housing program, are open:

Housing Authority Programs
Housing Authority of Monticello Public Housing
Kentucky Housing Corporation Section 8 Housing Choice Voucher (HCV)
Go to the Kentucky Public Housing and Low-Income Apartments Waiting Lists page for openings near Monticello.

Monticello, Kentucky Affordable Housing Data

Income Based Apartments in Monticello, Kentucky

Monticello features 280 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 Monticello, Kentucky

There are 68 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Monticello.

Housing Choice Vouchers in Monticello, Kentucky

On average, Section 8 Housing Choice vouchers pay Monticello landlords $400 per month towards rent. The average voucher holder contributes $200 towards rent in Monticello.

The maximum amount a voucher would pay on behalf of a low-income tenant in Monticello, Kentucky for a two-bedroom apartment is between $668 and $816.

2023 Monticello, 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
Monticello, Kentucky Fair Market Rent $538 $577 $742 $1,055 $1,163
Monticello, Kentucky Payment Standard Range $484 to $592 $519 to $635 $668 to $816 $950 to $1,161 $1,047 to $1,279

Sourced from federal housing data and research.

Monticello, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 7
Total Low Income Apartments 348
Total Housing Units with Rental Assistance 280
Percentage of Housing Units Occupied By Renters 51.22%
Average Renter Household Size 2.38
Average Household Size 2.43
Median Household Income $25,731 ±$4,038
Median Rent $446 ±$50
Percentage Of Renters Overburdened 46.85% ± 10.52pp
Total Population 6,141

Population and Household Demographics

Monticello is a city in Wayne County, Kentucky with a population of 6,141. There are 2,421 households in the city with an average household size of 2.43 persons. 51.22% of households in Monticello are renters.

Income and Rent Overburden in Monticello

The median gross income for households in Monticello is $25,731 a year, or $2,144 a month. The median rent for the city is $446 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Monticello, a household making less than $1,487 a month would be considered overburdened when renting an apartment at or above the median rent. 46.85% of households who rent are overburdened in Monticello.

Area Median Income In Monticello

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 Monticello, the AMI is calculated from all households within Wayne County.

In Monticello, HUD calculates the Area Median Income for a family of four as $54,300

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 Monticello

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 Monticello

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% AMI Income Limits
Renters earning up to 30% of the Monticello AMI may qualify for rental assistance programs that target Extremely Low Income households.
$13,590 $18,310 $23,030 $27,750 $32,470 $35,250 $37,650 $40,100
50% AMI Income Limits
Renters earning up to 50% of the Monticello AMI may qualify for rental assistance programs that target Very Low Income households.
$21,250 $24,300 $27,350 $30,350 $32,800 $35,250 $37,650 $40,100
80% AMI Income Limits
Renters earning up to 80% of the Monticello AMI may qualify for rental assistance programs that target Low Income households.
$34,000 $38,850 $43,700 $48,550 $52,450 $56,350 $60,250 $64,100