What HUD offices serve Lake Mills, 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 Lake Mills.
How many renters live in Lake Mills, Iowa?
The City of Lake Mills has 1,965 people living in 882 households.
There are 653 renters living in 304 renter households in this City. Renters make up 33.23 percent of the population living in Lake Mills.
What is the rental market like in Lake Mills, Iowa?
There are an estimated 971 housing units in the Lake Mills area. Of these, 318 units are rental homes, making up 33 percent of the housing market. For every renter household in Lake Mills, Iowa, there are 1 rental units.
What is the vacancy rate for rentals in Lake Mills?
The rental vacancy rate in Lake Mills is 4 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 Lake Mills for each bedroom size?
Occupied Rental Units by Size in Lake Mills
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 76 | 198 | 30 | 0 |
Occupied Rental Units by Size in Lake Mills
A large number of apartments in Lake Mills 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 Lake Mills are overburdened by housing costs?
Among renter households in this market, 21 percent have housing cost burden. Further, 15 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 Lake Mills
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $630 to $1,316. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $630 |
| One BR | $665 |
| Two BR | $862 |
| Three BR | $1,125 |
| Four BR | $1,316 |
2024 Fair Market Rents in Lake Mills, Iowa
How many units are rented at Fair Market Rent (FMR) in Lake Mills?
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 | 52 | 68 percent |
| Two BR | 174 | 88 percent |
Rental Units Below FMR in Lake Mills, Iowa
How many affordable rental units are in Lake Mills?
There are a variety of federal affordable housing programs serving households in Lake Mills, Iowa including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 24 |
| USDA Section 515 Rural Rental Housing | 24 |
Tracked Units by Federal Program in Lake Mills, Iowa
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Lake Mills, Iowa
Lake Mills 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 Lake Mills, Iowa
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Mills.
Housing Choice Vouchers in Lake Mills, Iowa
On average, Section 8 Housing Choice vouchers pay Lake Mills landlords $300 per month towards rent. The average voucher holder contributes $300 towards rent in Lake Mills.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Mills, Iowa for a two-bedroom apartment is between $776 and $948.
Sourced from federal housing data and AffordableHousingOnline.com research.
