Affordable Housing In Monteagle
Franklin County, Tennessee

3 Low Income Apartment Communities In Monteagle

Ridgecrest Group Home

2nd Fairmont Ave
Monteagle, TN
Subsidized
62+
Accessible
Elderly Supportive Housing

Monteagle Greene Apartments

48 Madison Ave
Monteagle, TN
Accepts Vouchers

Woodland Ridge Apartments

RR 1 Box 2773
Monteagle, TN
Accepts Vouchers
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Housing Authorities that serve Monteagle

Housing Authority Programs
Franklin Housing Authority Public Housing; Section 8 Project-Based Voucher (PBV)
Tennessee Housing Development Agency Central Office Section 8 Housing Choice Voucher (HCV); Mainstream Voucher
Tennessee Housing Development Agency South Central Tennessee Office Section 8 Housing Choice Voucher (HCV)

Other Housing Authorities located in Monteagle

Housing Authority Programs
Grundy Housing Authority Public Housing

Guide To Affordable Housing in Monteagle, Tennessee

There are 3 low income housing apartment communities offering 107 affordable apartments for rent in Monteagle, Tennessee.

Income Based Apartments in Monteagle, Tennessee

Monteagle features 11 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 Monteagle, Tennessee

There are 96 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Monteagle.

Housing Choice Vouchers in Monteagle, Tennessee

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Monteagle, Tennessee for a two-bedroom apartment is between $584 and $714.

2020 Monteagle, 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 $498 $649 $936 $1,081
Payment Standard Range $443 to $541 $448 to $548 $584 to $714 $842 to $1,030 $973 to $1,189

Sourced from federal housing data and AffordableHousingOnline.com research.

Monteagle, TN Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 107
Total Housing Units with Rental Assistance 11
Percentage of Housing Units Occupied By Renters 42.2%
Average Renter Household Size 2.37
Average Household Size 2.31
Median Household Income $39,567 ±$5,184
Median Rent $577 ±$67
Percentage Of Renters Overburdened 31.3% ± 13.76pp
Total Population 1,436

Population and Household Demographics

Monteagle is a City in Franklin County, Tennessee with a population of 1,436. There are 545 households in the city with an average household size of 2.31 persons. 42.2% of households in Monteagle are renters.

Income and Rent Overburden in Monteagle

The median gross income for households in Monteagle is $39,567 a year, or $3,297 a month. The median rent for the city is $577 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Monteagle, a household making less than $1,923 a month would be considered overburdened when renting an apartment at or above the median rent. 31.3% of households who rent are overburdened in Monteagle.1

Area Median Income In Monteagle

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 Monteagle, the AMI is calculated from all households within Franklin County.

In Monteagle, HUD calculates the Area Median Income for a family of four as $55,100

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 Monteagle

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 Monteagle

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 $29,800 $32,000 $34,200 $36,400
50% of Median $19,300 $22,050 $24,800 $27,550 $29,800 $32,000 $34,200 $36,400
80% of Median $30,900 $35,300 $39,700 $44,100 $47,650 $51,200 $54,700 $58,250