Low Income Apartments and Affordable Housing For Rent in Franklin County, IA

Discover affordable housing in Franklin County where there are 5+ 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.

Oak Tree Apartments

403 7th St SW, Hampton, Iowa 50441

Hampton Iha Apartments

206 12th Ave NE, Hampton, Iowa 50441

The Meadows ~ Hampton

420 8th Ave SW, Hampton, Iowa 50441

Hampton Iha, L.P.

200-206 12th Ave Ne, Hampton, Iowa

Unselected

105 1st Ave SW, Hampton, Iowa 50441

calendar_today Opened: Apr 10
Open Until Further Notice

Reported On February 23rd, 2024 by Nathan Brunet

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Franklin County, Iowa
$16.33/hour
$9.08 (+125%) more than Iowa minimum wage and $9.08 (+125%) more than the Federal minimum wage.
Learn More About Franklin County, Iowa Affordable Housing ↓

What HUD offices serve Franklin County, 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 Public Housing programs for Franklin County, Iowa.

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

How many renters live in Franklin County, Iowa?

The County of Franklin County has 10,015 people living in 4,102 households.

There are 2,697 renters living in 1,122 renter households in this County. Renters make up 26.93 percent of the population living in Franklin County.

What is the rental market like in Franklin County, Iowa?

There are an estimated 4,668 housing units in the Franklin County area. Of these, 1,216 units are rental homes, making up 26 percent of the housing market. For every renter household in Franklin County, Iowa, there are 1 rental units.

What is the vacancy rate for rentals in Franklin County?

The rental vacancy rate in Franklin County is 5 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 Franklin County for each bedroom size?

Occupied Rental Units by Size in Franklin County
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
3 212 430 239 196
Occupied Rental Units by Size in Franklin County

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

Among renter households in this market, 29 percent have housing cost burden. Further, 5 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 Franklin County

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $630 to $1,271. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $630
One BR $656
Two BR $862
Three BR $1,159
Four BR $1,271
2024 Fair Market Rents in Franklin County, Iowa

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

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 0 100 percent
One BR 160 75 percent
Two BR 295 69 percent
Rental Units Below FMR in Franklin County, Iowa

How many affordable rental units are in Franklin County?

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

Federal Program Unit Count
Low Income Housing Tax Credit 24
Public Housing 36
Section 811 Supportive Housing for Persons with Disabilities 12
USDA Section 515 Rural Rental Housing 24
Tracked Units by Federal Program in Franklin County, Iowa

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

Income Based Apartments in Franklin County, Iowa

Franklin County features 193 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 Franklin County, Iowa

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

Housing Choice Vouchers in Franklin County, Iowa

On average, Section 8 Housing Choice vouchers pay Franklin County landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Franklin County.

The maximum amount a voucher would pay on behalf of a low-income tenant in Franklin County, Iowa for a two-bedroom apartment is between $776 and $948.

Sourced from federal housing data and AffordableHousingOnline.com research.