Affordable Housing In Somerset
Pulaski County, Kentucky

22 Low Income Apartment Communities In Somerset

Somerset Village Apartments

500 Somerset Village
Somerset, KY
Income Based
1-3 BR

Greystone Manor

401 Greystone Manor
Somerset, KY
Elderly Supportive Housing

Cumberland Manor - Somerset

106 White Oak Cir
Somerset, KY

Westbrooke Apartments

500 Kate Dr
Somerset, KY
Elderly Supportive Housing

Beecher House

203 S Main St
Somerset, KY

Somerset Terrace Apartments

299 James Street
Somerset, KY
HCV Welcome

The Moore Complex

130 Floyd St
Somerset, KY
Elderly Supportive Housing

Somerset Residence

203 Shadow Hill Dr
Somerset, KY
Disabled Supportive Housing

Oakdale Village Apartments

255 Pearl Drive Unit 50
Somerset, KY

Lakeview Estates

202 White Oak Cir
Somerset, KY

Housing Authorities that serve Somerset

Housing Authority Programs
Housing Authority of Somerset Section 8 Housing Choice Voucher (HCV); Public Housing
Kentucky Housing Corporation Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Somerset, Kentucky

There are 22 low income housing apartment communities offering 786 affordable apartments for rent in Somerset, Kentucky. Somerset features 621 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 165 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Somerset.

Sourced from federal housing data and research.

Somerset, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 22
Total Low Income Apartments 786
Total Housing Units with Rental Assistance 621
Percentage of Housing Units Occupied By Renters 56.49%
Average Renter Household Size 2.22
Average Household Size 2.13
Median Household Income $26,411 ±$3,603
Median Rent $528 ±$45
Percentage Of Renters Overburdened 53.41% ± 10.63pp
Total Population 11,358

Population and Household Demographics

Somerset is a City in Pulaski County, Kentucky with a population of 11,358. There are 4,902 households in the city with an average household size of 2.13 persons. 56.49% of households in Somerset are renters.

Income and Rent Overburden in Somerset

The median gross income for households in Somerset is $26,411 a year, or $2,201 a month. The median rent for the city is $528 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Somerset, a household making less than $1,760 a month would be considered overburdened when renting an apartment at or above the median rent. 53.41% of households who rent are overburdened in Somerset.1

Area Median Income In Somerset

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 Somerset, the AMI is calculated from all households within Pulaski County.

In Somerset, HUD calculates the Area Median Income for a family of four as $49,200

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 Somerset

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 Somerset HUD Rental Assistance in Somerset

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,490 $16,910 $21,330 $25,600 $27,650 $29,700 $31,750 $33,800
50% of Median $17,950 $20,500 $23,050 $25,600 $27,650 $29,700 $31,750 $33,800
80% of Median $28,700 $32,800 $36,900 $40,950 $44,250 $47,550 $50,800 $54,100
Low Income Housing Tax Credits in Somerset

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 1990 to 2005, 8 low income apartment communities containing 164 rental apartments have been constructed and made affordable to low income persons in Somerset by the Low Income Housing Tax Credit Program.

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Somerset

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $17,950 $20,500 $23,050 $25,600 $27,650 $29,700 $31,750 $33,800
60% of Median $21,540 $24,600 $27,660 $30,720 $33,180 $35,640 $38,100 $40,560

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Somerset is $27,660 a year, or $2,305 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,305 by 30% to get a maximum rent of $692 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $449 $481 $576 $666 $743 $819
60% $539 $577 $692 $799 $891 $983
Fair Market Rents in Somerset

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$422 $494 $648 $845 $878