How many renters live in Iowa Falls, Iowa?
The City of Iowa Falls has 5,095 people living in 2,187 households.
There are 1,245 renters living in 732 renter households in this City. Renters make up 24.44 percent of the population living in Iowa Falls.
What is the rental market like in Iowa Falls, Iowa?
There are an estimated 2,476 housing units in the Iowa Falls area. Of these, 780 units are rental homes, making up 32 percent of the housing market. For every renter household in Iowa Falls, Iowa, there are 1 rental units.
What is the vacancy rate for rentals in Iowa Falls?
The rental vacancy rate in Iowa Falls is 6 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 Iowa Falls for each bedroom size?
Occupied Rental Units by Size in Iowa Falls
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 241 | 291 | 156 | 44 |
Occupied Rental Units by Size in Iowa Falls
A large number of apartments in Iowa Falls 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 Iowa Falls are overburdened by housing costs?
Among renter households in this market, 53 percent have housing cost burden. Further, 32 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 Iowa Falls
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $630 to $1,262. 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 | $1,135 |
| Four BR | $1,262 |
2024 Fair Market Rents in Iowa Falls, Iowa
How many units are rented at Fair Market Rent (FMR) in Iowa Falls?
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 | 122 | 51 percent |
| Two BR | 105 | 36 percent |
Rental Units Below FMR in Iowa Falls, Iowa
How many affordable rental units are in Iowa Falls?
There are a variety of federal affordable housing programs serving households in Iowa Falls, Iowa including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 72 |
| USDA Section 515 Rural Rental Housing | 63 |
Tracked Units by Federal Program in Iowa Falls, Iowa
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Iowa Falls, Iowa
Iowa Falls features 63 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 Iowa Falls, Iowa
There are 48 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Iowa Falls.
Housing Choice Vouchers in Iowa Falls, Iowa
On average, Section 8 Housing Choice vouchers pay Iowa Falls landlords $300 per month towards rent. The average voucher holder contributes $300 towards rent in Iowa Falls.
The maximum amount a voucher would pay on behalf of a low-income tenant in Iowa Falls, Iowa for a two-bedroom apartment is between $776 and $948.
Sourced from federal housing data and AffordableHousingOnline.com research.
