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There are 202 low-income apartments in Putnam County that offer reduced rents to eligible households.
Rental assistance programs support 228 low-income homes in Putnam County where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $328 towards rent each month.
Affordable rent data for some communities last confirmed on June 7th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Putnam County, Indiana Affordable Housing Data
Income Based Apartments in Putnam County, Indiana
Putnam County features 228 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 Putnam County, Indiana
There are 202 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Putnam County.
Housing Choice Vouchers in Putnam County, Indiana
On average, Section 8 Housing Choice vouchers pay Putnam County landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Putnam County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Putnam County, Indiana for a two-bedroom apartment is between $1,012 and $1,236.
2024 Putnam County, Indiana 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 | |
|---|---|---|---|---|---|
| Putnam County, Indiana Fair Market Rent | $827 | $855 | $1,124 | $1,503 | $1,729 |
| Putnam County, Indiana Payment Standard Range | $744 to $910 | $770 to $941 | $1,012 to $1,236 | $1,353 to $1,653 | $1,556 to $1,902 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Putnam County, IN Affordable Housing Snapshot
| Total Affordable Apartment Properties | 17 |
|---|---|
| Total Low Income Apartments | 467 |
| Total Housing Units with Rental Assistance | 228 |
| Percentage of Housing Units Occupied By Renters | 26.32% |
| Average Renter Household Size | 2.62 |
| Average Household Size | 2.52 |
| Median Household Income | $51,355 ±$3,131 |
| Median Rent | $693 ±$43 |
| Percentage Of Renters Overburdened | 27.91% ± 5.4pp |
| Total Population | 37,650 |
Population and Household Demographics
Putnam County is a county in Indiana with a population of 37,650. There are 12,649 households in the county with an average household size of 2.52 persons. 26.32% of households in Putnam County are renters.
Income and Rent Overburden in Putnam County
The median gross income for households in Putnam County is $51,355 a year, or $4,280 a month. The median rent for the county is $693 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Putnam County, a household making less than $2,310 a month would be considered overburdened when renting an apartment at or above the median rent. 27.91% of households who rent are overburdened in Putnam County.
Area Median Income In Putnam 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 Putnam County, HUD calculates the Area Median Income for a family of four as $86,700
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 Putnam 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 HUD Rental Assistance in Putnam County
| 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 Putnam County AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$17,950 | $20,500 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Putnam County AMI may qualify for rental assistance programs that target Very Low Income households. |
$29,900 | $34,200 | $38,450 | $42,700 | $46,150 | $49,550 | $52,950 | $56,400 |
| 80% AMI Income Limits Renters earning up to 80% of the Putnam County AMI may qualify for rental assistance programs that target Low Income households. |
$47,850 | $54,650 | $61,500 | $68,300 | $73,800 | $79,250 | $84,700 | $90,200 |
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