What HUD offices serve Prospect, 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 Prospect.
How many renters live in Prospect, Kentucky?
The City of Prospect has 4,624 people living in 1,975 households.
There are 146 renters living in 101 renter households in this City. Renters make up 3.16 percent of the population living in Prospect.
What is the rental market like in Prospect, Kentucky?
There are an estimated 2,107 housing units in the Prospect area. Of these, 130 units are rental homes, making up 6 percent of the housing market. For every renter household in Prospect, Kentucky, there are 1 rental units.
What is the vacancy rate for rentals in Prospect?
The rental vacancy rate in Prospect is 22 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Prospect for each bedroom size?
Occupied Rental Units by Size in Prospect
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 30 | 20 | 43 | 0 |
Occupied Rental Units by Size in Prospect
A large number of apartments in Prospect 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 Prospect are overburdened by housing costs?
Among renter households in this market, 67 percent have housing cost burden. Further, 13 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 Prospect
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $976 to $1,955. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $976 |
| One BR | $1,077 |
| Two BR | $1,301 |
| Three BR | $1,701 |
| Four BR | $1,955 |
2024 Fair Market Rents in Prospect, Kentucky
How many units are rented at Fair Market Rent (FMR) in Prospect?
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 | 5 | 17 percent |
| Two BR | 8 | 40 percent |
Rental Units Below FMR in Prospect, Kentucky
How many affordable rental units are in Prospect?
Income Based Apartments in Prospect, Kentucky
Prospect features 0 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 Prospect, Kentucky
There are 45 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Prospect.
Housing Choice Vouchers in Prospect, Kentucky
On average, Section 8 Housing Choice vouchers pay Prospect landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Prospect.
The maximum amount a voucher would pay on behalf of a low-income tenant in Prospect, Kentucky for a two-bedroom apartment is between $1,171 and $1,431.
Sourced from federal housing data and AffordableHousingOnline.com research.