Low Income Apartments and Affordable Housing For Rent in Mount Sterling, KY

Discover affordable housing in Mount Sterling where there are 7+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Main Cross Apartments

8 E Main St, Mount Sterling, Kentucky 40353

bed 1-2

Sterling Oaks

118 Ronameki Dr, Mount Sterling, Kentucky 40353

Montgomery Square Apartments

1376 Indian Mound Dr, Mount Sterling, Kentucky 40353

Wood Hill Apartments

801 Hawkins Dr, Mount Sterling, Kentucky 40353

Whitledge Hgts Add

306 W Main St, Mount Sterling, Kentucky 40353

The Redmond Building

41 N Maysville St, Mount Sterling, Kentucky 40353

Kentucky

Main And Maysville Sts, Mount Sterling, Kentucky 40353

How To Identify Affordable Housing in Mount Sterling, Kentucky

Look for program and preference badges on affordable apartment listings. These badges can help you identify the types of low income housing each apartment offers and if you may be eligbile for rental assistance or reduced rents.

Badge Description
switch_access_shortcut Short Wait
Low income apartments with no or short waiting lists.
payment Subsidized
Low income housing where the rent is subsidized and the renter pays only a portion of total rent.
real_estate_agent Accepts Vouchers
Apartments that accept Section 8 vouchers near you
elderly Senior
Rental housing for seniors who are 55 (or sometimes 62) and older.
payment Income Based
Affordable apartments where the rent paid is based on renter income.
accessibility Accessible
Meets Accessibilty Requirements of the Fair Housing Act, the ADA, or HUD policy.
accessible_forward Disability
Apartments for individuals or families with disabilities.
The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Mount Sterling, Kentucky
$16.10/hour
$8.85 (+122%) more than Kentucky minimum wage and $8.85 (+122%) more than the Federal minimum wage.
Learn More About Mount Sterling, Kentucky Affordable Housing ↓

What HUD offices serve Mount Sterling, 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.

Operates the Public Housing programs for Mount Sterling, Kentucky.
Operates the Section 8 Housing Choice Voucher (HCV) programs for Mount Sterling, Kentucky.

Go to the Kentucky Public Housing and Low-Income Apartments Waiting Lists page for openings near Mount Sterling.

How many renters live in Mount Sterling, Kentucky?

The City of Mount Sterling has 7,532 people living in 3,194 households.

There are 3,589 renters living in 1,632 renter households in this City. Renters make up 47.65 percent of the population living in Mount Sterling.

What is the rental market like in Mount Sterling, Kentucky?

There are an estimated 3,693 housing units in the Mount Sterling area. Of these, 1,724 units are rental homes, making up 47 percent of the housing market. For every renter household in Mount Sterling, Kentucky, there are 1 rental units.

What is the vacancy rate for rentals in Mount Sterling?

The rental vacancy rate in Mount Sterling is 5 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 Sterling for each bedroom size?

Occupied Rental Units by Size in Mount Sterling
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
43 428 670 362 119
Occupied Rental Units by Size in Mount Sterling

A large number of apartments in Mount Sterling 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 Sterling are overburdened by housing costs?

Among renter households in this market, 31 percent have housing cost burden. Further, 20 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 Sterling

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $616 to $1,171. 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 $1,167
Four BR $1,171
2024 Fair Market Rents in Mount Sterling, Kentucky

How many units are rented at Fair Market Rent (FMR) in Mount Sterling?

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
Studio 27 63 percent
One BR 417 97 percent
Two BR 410 61 percent
Rental Units Below FMR in Mount Sterling, Kentucky

How many affordable rental units are in Mount Sterling?

There are a variety of federal affordable housing programs serving households in Mount Sterling, Kentucky including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 18
Public Housing 224
Section 8 Project-Based Rental Assistance 36
Section 811 Supportive Housing for Persons with Disabilities 3
USDA Section 515 Rural Rental Housing 40
Tracked Units by Federal Program in Mount Sterling, Kentucky

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Mount Sterling, Kentucky

Mount Sterling features 303 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 Sterling, Kentucky

There are 120 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Mount Sterling.

Housing Choice Vouchers in Mount Sterling, Kentucky

On average, Section 8 Housing Choice vouchers pay Mount Sterling landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Mount Sterling.

The maximum amount a voucher would pay on behalf of a low-income tenant in Mount Sterling, Kentucky for a two-bedroom apartment is between $765 and $935.

Sourced from federal housing data and AffordableHousingOnline.com research.