. Low Income Apartments For Rent in Inverness, Mississippi - Affordable Housing Online

Pecan Lane Apartments

1101 Moore St
Inverness, Mississippi
Rent Assisted
S. 515 Rural

Oak Lane Apartments CO Southern Mgmt

1135 Moore St
Inverness, Mississippi
Rent Assisted
S. 515 Rural

Robert Y Wright

408 4 Mile Lake Road
Inverness, Mississippi
Rent Assisted
Farm Labor
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There are 0 low-income apartments in Inverness that offer reduced rents to eligible households.

Rental assistance programs support 40 low-income homes in Inverness where households pay rent based on how much they earn. For 2023, elgible households participating in federally assisted housing pay an average of $-4 towards rent each month.

Affordable rent data for some communities last confirmed on April 23rd, 2021. Subdsidized rents typically change once a year based on federal guidance.

Inverness, Mississippi Affordable Housing Data

Income Based Apartments in Inverness, Mississippi

Inverness features 40 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 Inverness, Mississippi

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Inverness.

Housing Choice Vouchers in Inverness, Mississippi

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Inverness, Mississippi for a two-bedroom apartment is between $689 and $843.

2023 Inverness, Mississippi 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
Inverness, Mississippi Fair Market Rent $512 $582 $766 $932 $1,114
Inverness, Mississippi Payment Standard Range $461 to $563 $524 to $640 $689 to $843 $839 to $1,025 $1,003 to $1,225

Sourced from federal housing data and AffordableHousingOnline.com research.

Inverness, MS Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 44
Total Housing Units with Rental Assistance 40
Percentage of Housing Units Occupied By Renters 33.33%
Average Renter Household Size 2.58
Average Household Size 2.78
Median Household Income $30,250 ±$9,381
Median Rent $558 ±$67
Percentage Of Renters Overburdened 34.82% ± 16.22pp
Total Population 934

Population and Household Demographics

Inverness is a city in Sunflower County, Mississippi with a population of 934. There are 336 households in the city with an average household size of 2.78 persons. 33.33% of households in Inverness are renters.

Income and Rent Overburden in Inverness

The median gross income for households in Inverness is $30,250 a year, or $2,521 a month. The median rent for the city is $558 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Inverness, a household making less than $1,860 a month would be considered overburdened when renting an apartment at or above the median rent. 34.82% of households who rent are overburdened in Inverness.

Area Median Income In Inverness

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 Inverness, the AMI is calculated from all households within Sunflower County.

In Inverness, HUD calculates the Area Median Income for a family of four as $51,500

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 Inverness

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 Inverness

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 Inverness AMI may qualify for rental assistance programs that target Extremely Low Income households.
$14,580 $19,720 $24,860 $30,000 $33,600 $36,100 $38,600 $41,100
50% AMI Income Limits
Renters earning up to 50% of the Inverness AMI may qualify for rental assistance programs that target Very Low Income households.
$21,800 $24,900 $28,000 $31,100 $33,600 $36,100 $38,600 $41,100
80% AMI Income Limits
Renters earning up to 80% of the Inverness AMI may qualify for rental assistance programs that target Low Income households.
$34,850 $39,800 $44,800 $49,750 $53,750 $57,750 $61,700 $65,700