Low Income Apartments and Affordable Housing For Rent in Fort Madison, IA

What HUD offices serve Fort Madison, 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.

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

How many renters live in Fort Madison, Iowa?

The City of Fort Madison has 10,293 people living in 4,442 households.

There are 2,283 renters living in 1,225 renter households in this City. Renters make up 22.18 percent of the population living in Fort Madison.

What is the rental market like in Fort Madison, Iowa?

There are an estimated 5,100 housing units in the Fort Madison area. Of these, 1,432 units are rental homes, making up 28 percent of the housing market. For every renter household in Fort Madison, Iowa, there are 1 rental units.

What is the vacancy rate for rentals in Fort Madison?

The rental vacancy rate in Fort Madison is 14 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.

How many rental units are in Fort Madison for each bedroom size?

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

Among renter households in this market, 40 percent have housing cost burden. Further, 21 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 Fort Madison

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $598 to $1,207. FMRs are updated annually by HUD for every city and county nationwide.

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

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:

How many affordable rental units are in Fort Madison?

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

Income Based Apartments in Fort Madison, Iowa

Fort Madison features 194 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 Fort Madison, Iowa

There are 40 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Fort Madison.

Housing Choice Vouchers in Fort Madison, Iowa

On average, Section 8 Housing Choice vouchers pay Fort Madison landlords $400 per month towards rent. The average voucher holder contributes $200 towards rent in Fort Madison.

The maximum amount a voucher would pay on behalf of a low-income tenant in Fort Madison, Iowa for a two-bedroom apartment is between $794 and $970.

Sourced from federal housing data and AffordableHousingOnline.com research.