Low Income Apartments For Rent in Sheridan, IN

Rental assistance programs support 28 low-income homes in Sheridan where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $299 towards rent each month.

Affordable rent data for some communities last confirmed on July 2nd, 2024. Subdsidized rents typically change once a year based on federal guidance.

Public Housing Agencies Serving Sheridan, Indiana

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Housing Authority	Programs
Community Action of Greater Indianapolis	Section 8 Housing Choice Voucher (HCV)
Noblesville Housing Authority	Section 8 Housing Choice Voucher (HCV)

Go to the Indiana Public Housing and Low-Income Apartments Waiting Lists page for openings near Sheridan.

Sheridan, Indiana Affordable Housing Data

Income Based Apartments in Sheridan, Indiana

Sheridan features 28 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 Sheridan, Indiana

There are 25 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Sheridan.

Housing Choice Vouchers in Sheridan, Indiana

On average, Section 8 Housing Choice vouchers pay Sheridan landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in Sheridan.

The maximum amount a voucher would pay on behalf of a low-income tenant in Sheridan, Indiana for a two-bedroom apartment is between $1,214 and $1,484.

2024 Sheridan, 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
Sheridan, Indiana Fair Market Rent	$982	$1,145	$1,349	$1,758	$2,126
Sheridan, Indiana Payment Standard Range	$884 to $1,080	$1,031 to $1,260	$1,214 to $1,484	$1,582 to $1,934	$1,913 to $2,339

Sourced from federal housing data and AffordableHousingOnline.com research.

Sheridan, IN Affordable Housing Snapshot

Total Affordable Apartment Properties 4

Total Low Income Apartments 54

Total Housing Units with Rental Assistance 28

Percentage of Housing Units Occupied By Renters 40.53%

Average Renter Household Size 2.40

Average Household Size 2.44

Median Household Income $42,935 ±$3,582

Median Rent $709 ±$142

Percentage Of Renters Overburdened 50.53% ± 14.3pp

Total Population 2,841

Total Affordable Apartment Properties	4
Total Low Income Apartments	54
Total Housing Units with Rental Assistance	28
Percentage of Housing Units Occupied By Renters	40.53%
Average Renter Household Size	2.40
Average Household Size	2.44
Median Household Income	$42,935 ±$3,582
Median Rent	$709 ±$142
Percentage Of Renters Overburdened	50.53% ± 14.3pp
Total Population	2,841

Population and Household Demographics

Sheridan is a city in Hamilton County, Indiana with a population of 2,841. There are 1,162 households in the city with an average household size of 2.44 persons. 40.53% of households in Sheridan are renters.

Income and Rent Overburden in Sheridan

The median gross income for households in Sheridan is $42,935 a year, or $3,578 a month. The median rent for the city is $709 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Sheridan, a household making less than $2,363 a month would be considered overburdened when renting an apartment at or above the median rent. 50.53% of households who rent are overburdened in Sheridan.

Area Median Income In Sheridan

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 Sheridan, the AMI is calculated from all households within Hamilton County.

In Sheridan, HUD calculates the Area Median Income for a family of four as $99,400

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 Sheridan

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 Sheridan

	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 Sheridan AMI may qualify for rental assistance programs that target Extremely Low Income households.	$20,300	$23,200	$26,100	$30,000	$35,140	$40,280	$45,420	$50,560
50% AMI Income Limits Renters earning up to 50% of the Sheridan AMI may qualify for rental assistance programs that target Very Low Income households.	$33,850	$38,700	$43,550	$48,350	$52,250	$56,100	$60,000	$63,850
80% AMI Income Limits Renters earning up to 80% of the Sheridan AMI may qualify for rental assistance programs that target Low Income households.	$54,150	$61,900	$69,650	$77,350	$83,550	$89,750	$95,950	$102,150