Affordable Housing In Hancock County
5 Low Income Apartment Communities In Hancock County
Guide To Affordable Housing in Hancock County, Tennessee
There are 5 low income housing apartment communities offering 231 affordable apartments for rent in Hancock County, Tennessee.
Income Based Apartments in Hancock County, Tennessee
Hancock County features 96 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 Hancock County, Tennessee
There are 135 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Hancock County.
Housing Choice Vouchers in Hancock County, Tennessee
On average, Section 8 Housing Choice vouchers pay Hancock County landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Hancock County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Hancock County, Tennessee for a two-bedroom apartment is between $584 and $714.
2020 Hancock County, Tennessee 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||$492||$497||$649||$936||$1,139|
|Payment Standard Range||$443 to $541||$447 to $547||$584 to $714||$842 to $1,030||$1,025 to $1,253|
Sourced from federal housing data and AffordableHousingOnline.com research.
Hancock County, TN Affordable Housing Snapshot
|Total Affordable Apartment Properties||5|
|Total Low Income Apartments||231|
|Total Housing Units with Rental Assistance||96|
|Percentage of Housing Units Occupied By Renters||23.6%|
|Average Renter Household Size||2.16|
|Average Household Size||2.35|
|Median Household Income||$26,898 ±$2,485|
|Median Rent||$358 ±$69|
|Percentage Of Renters Overburdened||30% ± 8.38pp|
Population and Household Demographics
Hancock County is a County in Tennessee with a population of 6,642. There are 2,754 households in the county with an average household size of 2.35 persons. 23.6% of households in Hancock County are renters.
Income and Rent Overburden in Hancock County
The median gross income for households in Hancock County is $26,898 a year, or $2,242 a month. The median rent for the county is $358 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Hancock County, a household making less than $1,193 a month would be considered overburdened when renting an apartment at or above the median rent. 30% of households who rent are overburdened in Hancock County.1
Area Median Income In Hancock County
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.
In Hancock County, HUD calculates the Area Median Income for a family of four as $41,300
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 Hancock County
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 Hancock County HUD Rental Assistance in Hancock County
|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||$28,350||$30,450||$32,550||$34,650|
|50% of Median||$18,400||$21,000||$23,650||$26,250||$28,350||$30,450||$32,550||$34,650|
|80% of Median||$29,400||$33,600||$37,800||$42,000||$45,400||$48,750||$52,100||$55,450|
Cities In Hancock County
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