What HUD offices serve Phelps, 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 Phelps.
How many renters live in Phelps, Kentucky?
The City of Phelps has 446 people living in 178 households.
There are 42 renters living in 21 renter households in this City. Renters make up 9.42 percent of the population living in Phelps.
What is the rental market like in Phelps, Kentucky?
There are an estimated 178 housing units in the Phelps area. Of these, 21 units are rental homes, making up 12 percent of the housing market. For every renter household in Phelps, Kentucky, there are 1 rental units.
What is the vacancy rate for rentals in Phelps?
The rental vacancy rate in Phelps 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 Phelps for each bedroom size?
Occupied Rental Units by Size in Phelps
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 |
Occupied Rental Units by Size in Phelps
A large number of apartments in Phelps 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 Phelps are overburdened by housing costs?
Among renter households in this market, 0 percent have housing cost burden. Further, 0 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 Phelps
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $660 to $1,324. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $660 |
| One BR | $784 |
| Two BR | $911 |
| Three BR | $1,102 |
| Four BR | $1,324 |
2024 Fair Market Rents in Phelps, Kentucky
How many units are rented at Fair Market Rent (FMR) in Phelps?
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 |
Rental Units Below FMR in Phelps, Kentucky
How many affordable rental units are in Phelps?
Income Based Apartments in Phelps, Kentucky
Phelps features 24 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 Phelps, Kentucky
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Phelps.
Housing Choice Vouchers in Phelps, Kentucky
On average, Section 8 Housing Choice vouchers pay Phelps landlords $300 per month towards rent. The average voucher holder contributes $200 towards rent in Phelps.
The maximum amount a voucher would pay on behalf of a low-income tenant in Phelps, Kentucky for a two-bedroom apartment is between $820 and $1,002.
Sourced from federal housing data and AffordableHousingOnline.com research.
