Burlington Terrace Apartments, Phase I
Burlington Terrace Apartments, Phase II
Arcadia Park Apartments III
Towne Creek Crossing Apartments
Voa Orv Morningside Drive
There are 706 low-income apartments in Boone County that offer reduced rents to eligible households.
Rental assistance programs support 381 low-income homes in Boone County where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $339 towards rent each month.
Affordable rent data for some communities last confirmed on June 24th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Boone County, Kentucky
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 |
|---|---|
| Boone County Assisted Housing Department | Section 8 Housing Choice Voucher (HCV) |
Boone County, Kentucky Affordable Housing Data
Income Based Apartments in Boone County, Kentucky
Boone County features 381 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 Boone County, Kentucky
There are 706 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Boone County.
Housing Choice Vouchers in Boone County, Kentucky
On average, Section 8 Housing Choice vouchers pay Boone County landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Boone County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Boone County, Kentucky for a two-bedroom apartment is between $1,076 and $1,315.
2024 Boone County, Kentucky 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 | |
|---|---|---|---|---|---|
| Boone County, Kentucky Fair Market Rent | $810 | $919 | $1,195 | $1,588 | $1,766 |
| Boone County, Kentucky Payment Standard Range | $729 to $891 | $827 to $1,011 | $1,076 to $1,315 | $1,429 to $1,747 | $1,589 to $1,943 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Boone County, KY Affordable Housing Snapshot
| Total Affordable Apartment Properties | 24 |
|---|---|
| Total Low Income Apartments | 1,088 |
| Total Housing Units with Rental Assistance | 381 |
| Percentage of Housing Units Occupied By Renters | 26.67% |
| Average Renter Household Size | 2.46 |
| Average Household Size | 2.77 |
| Median Household Income | $66,730 ±$1,965 |
| Median Rent | $905 ±$24 |
| Percentage Of Renters Overburdened | 38.48% ± 4.14pp |
| Total Population | 124,617 |
Population and Household Demographics
Boone County is a county in Kentucky with a population of 124,617. There are 44,709 households in the county with an average household size of 2.77 persons. 26.67% of households in Boone County are renters.
Income and Rent Overburden in Boone County
The median gross income for households in Boone County is $66,730 a year, or $5,561 a month. The median rent for the county is $905 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Boone County, a household making less than $3,017 a month would be considered overburdened when renting an apartment at or above the median rent. 38.48% of households who rent are overburdened in Boone County.
Area Median Income In Boone 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 Boone County, HUD calculates the Area Median Income for a family of four as $103,600
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 Boone 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 Boone 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 Boone County AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$21,250 | $24,300 | $27,350 | $30,350 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Boone County AMI may qualify for rental assistance programs that target Very Low Income households. |
$35,400 | $40,450 | $45,500 | $50,550 | $54,600 | $58,650 | $62,700 | $66,750 |
| 80% AMI Income Limits Renters earning up to 80% of the Boone County AMI may qualify for rental assistance programs that target Low Income households. |
$56,650 | $64,750 | $72,850 | $80,900 | $87,400 | $93,850 | $100,350 | $106,800 |
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