Low Income Apartments and Affordable Housing For Rent in Princeton, KY

Discover affordable housing in Princeton where there are 6+ 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.

Princeton Manor

655 Grace Ct, Princeton, Kentucky 42445

Legion Manor Apartments

518 Cadiz St, Princeton, Kentucky 42445

Franklin Place Senior Apartments

N Franklin ST, Princeton, Kentucky 42445

Princeton Greens Apartments

420 Cooper Circle, Princeton, Kentucky

Karp - Caldwell County

McGoodwin St, Princeton, Kentucky 42445

Hillview Court

101 Hillview Ct, Princeton, Kentucky 42445

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Princeton, 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 Princeton, Kentucky Affordable Housing ↓

What HUD offices serve Princeton, 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 Princeton, Kentucky.
Operates the Section 8 Housing Choice Voucher (HCV) programs for Princeton, Kentucky.

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

How many renters live in Princeton, Kentucky?

The City of Princeton has 6,248 people living in 2,487 households.

There are 2,369 renters living in 998 renter households in this City. Renters make up 37.92 percent of the population living in Princeton.

What is the rental market like in Princeton, Kentucky?

There are an estimated 2,996 housing units in the Princeton area. Of these, 998 units are rental homes, making up 33 percent of the housing market. For every renter household in Princeton, Kentucky, there are 1 rental units.

What is the vacancy rate for rentals in Princeton?

The rental vacancy rate in Princeton 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 Princeton for each bedroom size?

Occupied Rental Units by Size in Princeton
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
93 204 418 114 169
Occupied Rental Units by Size in Princeton

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

Among renter households in this market, 41 percent have housing cost burden. Further, 17 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 Princeton

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 $746
Two BR $850
Three BR $1,053
Four BR $1,156
2024 Fair Market Rents in Princeton, Kentucky

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

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 55 59 percent
One BR 187 92 percent
Two BR 271 65 percent
Rental Units Below FMR in Princeton, Kentucky

How many affordable rental units are in Princeton?

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

Federal Program Unit Count
Low Income Housing Tax Credit 54
Public Housing 105
Section 8 Project-Based Rental Assistance 40
USDA Section 515 Rural Rental Housing 24
Tracked Units by Federal Program in Princeton, Kentucky

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

Income Based Apartments in Princeton, Kentucky

Princeton features 189 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 Princeton, Kentucky

There are 34 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Princeton.

Housing Choice Vouchers in Princeton, Kentucky

On average, Section 8 Housing Choice vouchers pay Princeton landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Princeton.

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

Sourced from federal housing data and AffordableHousingOnline.com research.