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Affordable Housing In Ridgely
Lake County, Tennessee

6 Low Income Apartment Communities In Ridgely

Sun Valley Apartments

498 Riley Rd
Ridgely, Tennessee
Call For Rent
1-2 BR

Blue Ridge Apartments

210 S Main St
Ridgely, Tennessee
Call For Rent
2-3 BR

Camelot Manor

303 Dillard St
Ridgely, Tennessee

Ridgely Manor Apartments

500 Riley Rd
Ridgely, Tennessee

Reelfoot Village Apartments

496 Maze Rd
Ridgely, Tennessee

Hickman Homes and Mayes Homes

217 Sands St
Ridgely, Tennessee
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Housing Authorities that serve Ridgely

Housing Authority Programs
Tennessee Housing Development Agency Central Office Section 8 Housing Choice Voucher (HCV); Mainstream Voucher
Tennessee Housing Development Agency West Tennessee Office Section 8 Housing Choice Voucher (HCV); Homeownership Voucher; Family Self-Sufficiency; Veteran Affairs Supportive Housing (VASH); Mainstream Voucher

Guide To Affordable Housing in Ridgely, Tennessee

There are 6 low income housing apartment communities offering 274 affordable apartments for rent in Ridgely, Tennessee.

Income Based Apartments in Ridgely, Tennessee

Ridgely features 274 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 Ridgely, Tennessee

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

Housing Choice Vouchers in Ridgely, Tennessee

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

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

2020 Ridgely, 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 $823 $879
Payment Standard Range $443 to $541 $447 to $547 $584 to $714 $741 to $905 $791 to $967

Sourced from federal housing data and research.

Ridgely, TN Affordable Housing Snapshot

Total Affordable Apartment Properties 6
Total Low Income Apartments 274
Total Housing Units with Rental Assistance 274
Percentage of Housing Units Occupied By Renters 49.05%
Average Renter Household Size 2.55
Average Household Size 2.44
Median Household Income $28,534 ±$6,208
Median Rent $488 ±$70
Percentage Of Renters Overburdened 29.56% ± 9.37pp
Total Population 1,902

Population and Household Demographics

Ridgely is a city in Lake County, Tennessee with a population of 1,902. There are 738 households in the city with an average household size of 2.44 persons. 49.05% of households in Ridgely are renters.

Income and Rent Overburden in Ridgely

The median gross income for households in Ridgely is $28,534 a year, or $2,378 a month. The median rent for the city is $488 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Ridgely, a household making less than $1,627 a month would be considered overburdened when renting an apartment at or above the median rent. 29.56% of households who rent are overburdened in Ridgely.

Area Median Income In Ridgely

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 Ridgely, the AMI is calculated from all households within Lake County.

In Ridgely, HUD calculates the Area Median Income for a family of four as $50,200

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 Ridgely

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 Ridgely

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,760 $17,240 $21,720 $26,200 $29,600 $31,800 $34,000 $36,200
50% of Median $19,200 $21,950 $24,700 $27,400 $29,600 $31,800 $34,000 $36,200
80% of Median $30,700 $35,100 $39,500 $43,850 $47,400 $50,900 $54,400 $57,900