Affordable Housing In Prestonsburg
Floyd County, Kentucky

6 Low Income Apartment Communities In Prestonsburg

Cliffside Apartments

30 Cliffside Cir
Prestonsburg, Kentucky
Subsidized

Highland Heights

1 Goble Roberts Add
Prestonsburg, Kentucky
Subsidized

Highland Terrace

34 Mays Br
Prestonsburg, Kentucky
Subsidized
62+
Accessible
Elderly Supportive Housing

Park Place Apartments

5528 KY Route 114
Prestonsburg, Kentucky

Dixie

102 Mays Br
Prestonsburg, Kentucky

Regency Park Apts

57 Regency Park
Prestonsburg, Kentucky
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Section 8 Vouchers, Apartments, and Waiting Lists in Prestonsburg, 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.

Households who qualify for these programs may also qualify for Project-Based Section 8, which contributes rental assistance payments directly to private landlords on behalf of low-income tenants. Eligibility for the project-based program is similar to the voucher programs, but waiting list and application policies will vary depending on the landlord.

Public Housing Agencies Serving Prestonsburg, Kentucky

Housing Authority Programs
Housing Authority of Prestonsburg Section 8 Housing Choice Voucher (HCV); Public Housing
Housing Authority of Floyd County Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Prestonsburg, Kentucky

There are 6 low income housing apartment communities offering 482 affordable apartments for rent in Prestonsburg, Kentucky.

Income Based Apartments in Prestonsburg, Kentucky

Prestonsburg features 450 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 Prestonsburg, Kentucky

There are 32 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Prestonsburg.

Housing Choice Vouchers in Prestonsburg, Kentucky

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Prestonsburg, Kentucky for a two-bedroom apartment is between $607 and $741.

2022 Prestonsburg, 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
Prestonsburg, Kentucky Fair Market Rent $482 $512 $674 $833 $993
Prestonsburg, Kentucky Payment Standard Range $434 to $530 $461 to $563 $607 to $741 $750 to $916 $894 to $1,092

Sourced from federal housing data and AffordableHousingOnline.com research.

Prestonsburg, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 6
Total Low Income Apartments 482
Total Housing Units with Rental Assistance 450
Percentage of Housing Units Occupied By Renters 57.97%
Average Renter Household Size 1.58
Average Household Size 1.83
Median Household Income $16,856 ±$2,480
Median Rent $355 ±$90
Percentage Of Renters Overburdened 45.21% ± 16.44pp
Total Population 3,398

Population and Household Demographics

Prestonsburg is a city in Floyd County, Kentucky with a population of 3,398. There are 1,530 households in the city with an average household size of 1.83 persons. 57.97% of households in Prestonsburg are renters.

Income and Rent Overburden in Prestonsburg

The median gross income for households in Prestonsburg is $16,856 a year, or $1,405 a month. The median rent for the city is $355 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Prestonsburg, a household making less than $1,183 a month would be considered overburdened when renting an apartment at or above the median rent. 45.21% of households who rent are overburdened in Prestonsburg.

Area Median Income In Prestonsburg

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 Prestonsburg, the AMI is calculated from all households within Floyd County.

In Prestonsburg, HUD calculates the Area Median Income for a family of four as $40,400

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 Prestonsburg

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 Prestonsburg

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 Prestonsburg AMI may qualify for rental assistance programs that target Extremely Low Income households.
$12,880 $17,420 $21,960 $26,500 $29,350 $31,500 $33,700 $35,850
50% AMI Income Limits
Renters earning up to 50% of the Prestonsburg AMI may qualify for rental assistance programs that target Very Low Income households.
$19,050 $21,750 $24,450 $27,150 $29,350 $31,500 $33,700 $35,850
80% AMI Income Limits
Renters earning up to 80% of the Prestonsburg AMI may qualify for rental assistance programs that target Low Income households.
$30,450 $34,800 $39,150 $43,450 $46,950 $50,450 $53,900 $57,400