How many renters live in Fairbank, Iowa?
The City of Fairbank has 1,490 people living in 544 households.
There are 174 renters living in 76 renter households in this City. Renters make up 11.68 percent of the population living in Fairbank.
What is the rental market like in Fairbank, Iowa?
There are an estimated 557 housing units in the Fairbank area. Of these, 76 units are rental homes, making up 14 percent of the housing market. For every renter household in Fairbank, Iowa, there are 1 rental units.
What is the vacancy rate for rentals in Fairbank?
The rental vacancy rate in Fairbank 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 Fairbank for each bedroom size?
Occupied Rental Units by Size in Fairbank
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 8 | 52 | 11 | 5 |
Occupied Rental Units by Size in Fairbank
A large number of apartments in Fairbank 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 Fairbank are overburdened by housing costs?
Among renter households in this market, 11 percent have housing cost burden. Further, 7 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 Fairbank
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $699 to $1,225. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $699 |
| One BR | $700 |
| Two BR | $920 |
| Three BR | $1,153 |
| Four BR | $1,225 |
2024 Fair Market Rents in Fairbank, Iowa
How many units are rented at Fair Market Rent (FMR) in Fairbank?
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 | 6 | 75 percent |
| Two BR | 49 | 94 percent |
Rental Units Below FMR in Fairbank, Iowa
How many affordable rental units are in Fairbank?
There are a variety of federal affordable housing programs serving households in Fairbank, Iowa including the following:
| Federal Program | Unit Count |
| USDA Section 515 Rural Rental Housing | 24 |
Tracked Units by Federal Program in Fairbank, Iowa
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Fairbank, Iowa
Fairbank features 24 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 Fairbank, Iowa
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Fairbank.
Housing Choice Vouchers in Fairbank, Iowa
On average, Section 8 Housing Choice vouchers pay Fairbank landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Fairbank.
The maximum amount a voucher would pay on behalf of a low-income tenant in Fairbank, Iowa for a two-bedroom apartment is between $828 and $1,012.
Sourced from federal housing data and AffordableHousingOnline.com research.
