Low Income Apartments and Affordable Housing For Rent in Drakesville, IA

Discover affordable housing in Drakesville where there are 1+ 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.

Settlers Grove Inc

310 West Main, Drakesville, Iowa

Open Until Further Notice

Reported On February 23rd, 2024 by Vanea Gardner

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Drakesville, Iowa
$16.44/hour
$9.19 (+127%) more than Iowa minimum wage and $9.19 (+127%) more than the Federal minimum wage.
Learn More About Drakesville, Iowa Affordable Housing ↓

What HUD offices serve Drakesville, Iowa?

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), Public Housing programs for Drakesville, Iowa.

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

How many renters live in Drakesville, Iowa?

The City of Drakesville has 163 people living in 68 households.

There are 7 renters living in 5 renter households in this City. Renters make up 4.29 percent of the population living in Drakesville.

What is the rental market like in Drakesville, Iowa?

There are an estimated 72 housing units in the Drakesville area. Of these, 5 units are rental homes, making up 7 percent of the housing market. For every renter household in Drakesville, Iowa, there are 1 rental units.

What is the vacancy rate for rentals in Drakesville?

The rental vacancy rate in Drakesville 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 Drakesville for each bedroom size?

Occupied Rental Units by Size in Drakesville
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 3 2 0 0
Occupied Rental Units by Size in Drakesville

A large number of apartments in Drakesville 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 Drakesville are overburdened by housing costs?

Among renter households in this market, 80 percent have housing cost burden. Further, 0 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 Drakesville

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $634 to $1,156. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $634
One BR $699
Two BR $868
Three BR $1,050
Four BR $1,156
2024 Fair Market Rents in Drakesville, Iowa

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

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
One BR 3 100 percent
Two BR 2 100 percent
Rental Units Below FMR in Drakesville, Iowa

How many affordable rental units are in Drakesville?

There are a variety of federal affordable housing programs serving households in Drakesville, Iowa including the following:

Federal Program Unit Count
USDA Section 515 Rural Rental Housing 4
Tracked Units by Federal Program in Drakesville, Iowa

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Drakesville, Iowa

Drakesville features 4 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 Drakesville, Iowa

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

Housing Choice Vouchers in Drakesville, Iowa

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Drakesville, Iowa for a two-bedroom apartment is between $781 and $955.

Sourced from federal housing data and AffordableHousingOnline.com research.