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

Discover affordable housing in Independence 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.

Wapsie Valley Apartments

200 17th Ave NW, Independence, Iowa 50644

Community Housing Wildberry Manor

1300 3rd St NW, Independence, Iowa 50644

Community Hous Inc

201 9th Ave Sw, Independence, Iowa

Operation Threshold - 900 - 914 6th Ave Ne

900 6th Ave NE, Independence, Iowa 50644

Townhouses of Independence

201 16th Ave NW, Independence, Iowa 50644

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Independence, Iowa
$17.42/hour
$10.17 (+140%) more than Iowa minimum wage and $10.17 (+140%) more than the Federal minimum wage.
Learn More About Independence, Iowa Affordable Housing ↓

How many renters live in Independence, Iowa?

The City of Independence has 6,106 people living in 2,641 households.

There are 1,298 renters living in 823 renter households in this City. Renters make up 21.26 percent of the population living in Independence.

What is the rental market like in Independence, Iowa?

There are an estimated 2,847 housing units in the Independence area. Of these, 954 units are rental homes, making up 34 percent of the housing market. For every renter household in Independence, Iowa, there are 1 rental units.

What is the vacancy rate for rentals in Independence?

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

Occupied Rental Units by Size in Independence
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
71 283 290 152 27
Occupied Rental Units by Size in Independence

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

Among renter households in this market, 47 percent have housing cost burden. Further, 20 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 Independence

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 Independence, Iowa

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

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 44 62 percent
One BR 209 74 percent
Two BR 128 44 percent
Rental Units Below FMR in Independence, Iowa

How many affordable rental units are in Independence?

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

Federal Program Unit Count
Low Income Housing Tax Credit 15
USDA Section 515 Rural Rental Housing 132
Tracked Units by Federal Program in Independence, Iowa

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

Income Based Apartments in Independence, Iowa

Independence features 164 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 Independence, Iowa

There are 8 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Independence.

Housing Choice Vouchers in Independence, Iowa

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Independence, Iowa for a two-bedroom apartment is between $828 and $1,012.

Sourced from federal housing data and AffordableHousingOnline.com research.