What HUD offices serve Mount Olivet, 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.
Go to the Kentucky Public Housing and Low-Income Apartments Waiting Lists page for openings near Mount Olivet.
How many renters live in Mount Olivet, Kentucky?
The City of Mount Olivet has 147 people living in 89 households.
There are 79 renters living in 45 renter households in this City. Renters make up 53.74 percent of the population living in Mount Olivet.
What is the rental market like in Mount Olivet, Kentucky?
There are an estimated 133 housing units in the Mount Olivet area. Of these, 64 units are rental homes, making up 48 percent of the housing market. For every renter household in Mount Olivet, Kentucky, there are 1 rental units.
What is the vacancy rate for rentals in Mount Olivet?
The rental vacancy rate in Mount Olivet is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Mount Olivet for each bedroom size?
Occupied Rental Units by Size in Mount Olivet
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 30 | 8 | 3 | 0 |
Occupied Rental Units by Size in Mount Olivet
A large number of apartments in Mount Olivet have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Mount Olivet are overburdened by housing costs?
Among renter households in this market, 53 percent have housing cost burden. Further, 47 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Mount Olivet
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $616 to $1,156. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $616 |
| One BR | $647 |
| Two BR | $850 |
| Three BR | $1,028 |
| Four BR | $1,156 |
2024 Fair Market Rents in Mount Olivet, Kentucky
How many units are rented at Fair Market Rent (FMR) in Mount Olivet?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| One BR | 21 | 70 percent |
| Two BR | 7 | 88 percent |
Rental Units Below FMR in Mount Olivet, Kentucky
How many affordable rental units are in Mount Olivet?
Income Based Apartments in Mount Olivet, Kentucky
Mount Olivet features 38 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 Mount Olivet, Kentucky
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Mount Olivet.
Housing Choice Vouchers in Mount Olivet, Kentucky
On average, Section 8 Housing Choice vouchers pay Mount Olivet landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Mount Olivet.
The maximum amount a voucher would pay on behalf of a low-income tenant in Mount Olivet, Kentucky for a two-bedroom apartment is between $765 and $935.
Sourced from federal housing data and AffordableHousingOnline.com research.
