Low Income Apartments and Affordable Housing For Rent in Waterloo, IN

Discover affordable housing in Waterloo where there are 2+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Knoll Creek Apts. Knoll Creek Limited Pk Housing & Mgt Co

300 Knoll Creek Dr, Waterloo, Indiana

Waterloo Apts Pk Housing & Mgt Co

300 Knoll Creek Dr., Waterloo, Indiana

calendar_today Opened: Nov 14
Open Until Further Notice

Reported On February 23rd, 2024 by Ayat Elkarib

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Waterloo, Indiana
$16.34/hour
$9.09 (+125%) more than Indiana minimum wage and $9.09 (+125%) more than the Federal minimum wage.
Learn More About Waterloo, Indiana Affordable Housing ↓

What HUD offices serve Waterloo, 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.

Operates the Section 8 Housing Choice Voucher (HCV) programs for Waterloo, Indiana.

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

How many renters live in Waterloo, Indiana?

The City of Waterloo has 2,136 people living in 836 households.

There are 595 renters living in 245 renter households in this City. Renters make up 27.86 percent of the population living in Waterloo.

What is the rental market like in Waterloo, Indiana?

There are an estimated 890 housing units in the Waterloo area. Of these, 245 units are rental homes, making up 28 percent of the housing market. For every renter household in Waterloo, Indiana, there are 1 rental units.

What is the vacancy rate for rentals in Waterloo?

The rental vacancy rate in Waterloo is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

How many rental units are in Waterloo for each bedroom size?

Occupied Rental Units by Size in Waterloo
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
5 66 56 92 26
Occupied Rental Units by Size in Waterloo

A large number of apartments in Waterloo have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Waterloo are overburdened by housing costs?

Among renter households in this market, 41 percent have housing cost burden. Further, 29 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Waterloo

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $826 to $1,499. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $826
One BR $895
Two BR $1,089
Three BR $1,379
Four BR $1,499
2024 Fair Market Rents in Waterloo, Indiana

How many units are rented at Fair Market Rent (FMR) in Waterloo?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
Studio 2 40 percent
One BR 31 47 percent
Two BR 41 73 percent
Rental Units Below FMR in Waterloo, Indiana

How many affordable rental units are in Waterloo?

Income Based Apartments in Waterloo, Indiana

Waterloo features 48 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 Waterloo, Indiana

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

Housing Choice Vouchers in Waterloo, Indiana

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Waterloo, Indiana for a two-bedroom apartment is between $777 and $949.

Sourced from federal housing data and AffordableHousingOnline.com research.