Affordable Housing In Versailles
Morgan County, Missouri

5 Low Income Apartment Communities In Versailles

The Maples Apartments

401 S Monroe St
Versailles, Missouri
Subsidized

Missouri Avenue Apartments, Lp

700 Missouri Ave
Versailles, Missouri
Subsidized

Versailles Ph IIi

100 Lyndon Ave
Versailles, Missouri
Accepts Vouchers

300 Fairgrounds Rd

300 Fairgrounds Rd
Versailles, Missouri

Versailles Estates Apartments

300 S Burke St
Versailles, Missouri
Subsidized
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Guide To Affordable Housing in Versailles, Missouri

There are 5 low income housing apartment communities offering 88 affordable apartments for rent in Versailles, Missouri.

Income Based Apartments in Versailles, Missouri

Versailles features 56 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 Versailles, Missouri

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

Housing Choice Vouchers in Versailles, Missouri

On average, Section 8 Housing Choice vouchers pay Versailles landlords $500 per month towards rent. The average voucher holder contributes $200 towards rent in Versailles.

The maximum amount a voucher would pay on behalf of a low-income tenant in Versailles, Missouri for a two-bedroom apartment is between $571 and $697.

2020 Versailles, Missouri 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
Fair Market Rent $426 $485 $634 $856 $859
Payment Standard Range $383 to $469 $437 to $534 $571 to $697 $770 to $942 $773 to $945

Sourced from federal housing data and AffordableHousingOnline.com research.

Versailles, MO Affordable Housing Snapshot

Total Affordable Apartment Properties 5
Total Low Income Apartments 88
Total Housing Units with Rental Assistance 56
Percentage of Housing Units Occupied By Renters 45.56%
Average Renter Household Size 2.41
Average Household Size 2.46
Median Household Income $26,055 ±$4,594
Median Rent $645 ±$102
Percentage Of Renters Overburdened 49.9% ± 15.24pp
Total Population 2,826

Population and Household Demographics

Versailles is a City in Morgan County, Missouri with a population of 2,826. There are 1,069 households in the city with an average household size of 2.46 persons. 45.56% of households in Versailles are renters.

Income and Rent Overburden in Versailles

The median gross income for households in Versailles is $26,055 a year, or $2,171 a month. The median rent for the city is $645 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Versailles, a household making less than $2,150 a month would be considered overburdened when renting an apartment at or above the median rent. 49.9% of households who rent are overburdened in Versailles.1

Area Median Income In Versailles

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 Versailles, the AMI is calculated from all households within Morgan County.

In Versailles, HUD calculates the Area Median Income for a family of four as $45,200

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 Versailles

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 Versailles

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 $25,750 $29,850 $32,050 $34,250 $36,450
50% of Median $19,350 $22,100 $24,850 $27,600 $29,850 $32,050 $34,250 $36,450
80% of Median $30,950 $35,350 $39,750 $44,150 $47,700 $51,250 $54,750 $58,300