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There are 44 low-income apartments in Henry County that offer reduced rents to eligible households.
Rental assistance programs support 269 low-income homes in Henry County where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $-4 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 Henry 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 |
|---|---|
| Kentucky Housing Corporation | Section 8 Housing Choice Voucher (HCV) |
Henry County, Kentucky Affordable Housing Data
Income Based Apartments in Henry County, Kentucky
Henry County features 269 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 Henry County, Kentucky
There are 44 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Henry County.
Housing Choice Vouchers in Henry County, Kentucky
On average, Section 8 Housing Choice vouchers pay Henry County landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Henry County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Henry County, Kentucky for a two-bedroom apartment is between $1,171 and $1,431.
2024 Henry 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 | |
|---|---|---|---|---|---|
| Henry County, Kentucky Fair Market Rent | $976 | $1,077 | $1,301 | $1,701 | $1,955 |
| Henry County, Kentucky Payment Standard Range | $878 to $1,074 | $969 to $1,185 | $1,171 to $1,431 | $1,531 to $1,871 | $1,760 to $2,151 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Henry County, KY Affordable Housing Snapshot
| Total Affordable Apartment Properties | 10 |
|---|---|
| Total Low Income Apartments | 314 |
| Total Housing Units with Rental Assistance | 269 |
| Percentage of Housing Units Occupied By Renters | 29.99% |
| Average Renter Household Size | 2.53 |
| Average Household Size | 2.57 |
| Median Household Income | $46,495 ±$2,717 |
| Median Rent | $700 ±$29 |
| Percentage Of Renters Overburdened | 44.13% ± 7.34pp |
| Total Population | 15,455 |
Population and Household Demographics
Henry County is a county in Kentucky with a population of 15,455. There are 5,992 households in the county with an average household size of 2.57 persons. 29.99% of households in Henry County are renters.
Income and Rent Overburden in Henry County
The median gross income for households in Henry County is $46,495 a year, or $3,875 a month. The median rent for the county is $700 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Henry County, a household making less than $2,333 a month would be considered overburdened when renting an apartment at or above the median rent. 44.13% of households who rent are overburdened in Henry County.
Area Median Income In Henry 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 Henry County, HUD calculates the Area Median Income for a family of four as $89,800
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 Henry 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 Henry 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 Henry County AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$18,850 | $21,550 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Henry County AMI may qualify for rental assistance programs that target Very Low Income households. |
$31,400 | $35,900 | $40,400 | $44,850 | $48,450 | $52,050 | $55,650 | $59,250 |
| 80% AMI Income Limits Renters earning up to 80% of the Henry County AMI may qualify for rental assistance programs that target Low Income households. |
$50,250 | $57,400 | $64,600 | $71,750 | $77,500 | $83,250 | $89,000 | $94,750 |
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