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

Discover affordable housing in Montgomery County where there are 7+ 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 Creek Ltd

1660 Summit, Red Oak, Iowa 51566

Red Oak Manor

206 E Corning St, Red Oak, Iowa 51566

Acorn Acres Phase II

1805 N 8th St, Red Oak, Iowa 51566

4 - H Manor

1804 E Summit St, Red Oak, Iowa 51566

Halland Village

602 Elliott St, Stanton, Iowa 51573

City View Apartments

2100 N 8th St, Red Oak, Iowa 51566

600 E 3rd St

600 E 3rd St, Villisca, Iowa 50864

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 Montgomery 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 Montgomery County, Iowa Affordable Housing ↓

What HUD offices serve Montgomery 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 Section 8 Housing Choice Voucher (HCV), Public Housing programs for Montgomery County, Iowa.

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

How many renters live in Montgomery County, Iowa?

The County of Montgomery County has 10,285 people living in 4,493 households.

There are 3,040 renters living in 1,309 renter households in this County. Renters make up 29.56 percent of the population living in Montgomery County.

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

There are an estimated 5,030 housing units in the Montgomery County area. Of these, 1,390 units are rental homes, making up 28 percent of the housing market. For every renter household in Montgomery County, Iowa, there are 1 rental units.

What is the vacancy rate for rentals in Montgomery County?

The rental vacancy rate in Montgomery County 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 Montgomery County for each bedroom size?

Occupied Rental Units by Size in Montgomery County
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 261 610 255 139
Occupied Rental Units by Size in Montgomery County

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

Among renter households in this market, 29 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 Montgomery County

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $630 to $1,199. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $630
One BR $750
Two BR $862
Three BR $1,042
Four BR $1,199
2024 Fair Market Rents in Montgomery County, Iowa

How many units are rented at Fair Market Rent (FMR) in Montgomery 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
One BR 192 74 percent
Two BR 483 79 percent
Rental Units Below FMR in Montgomery County, Iowa

How many affordable rental units are in Montgomery County?

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

Federal Program Unit Count
Low Income Housing Tax Credit 48
Public Housing 114
Section 8 Project-Based Rental Assistance 48
USDA Section 515 Rural Rental Housing 44
Tracked Units by Federal Program in Montgomery County, Iowa

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

Income Based Apartments in Montgomery County, Iowa

Montgomery County 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 Montgomery County, Iowa

There are 48 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Montgomery County.

Housing Choice Vouchers in Montgomery County, Iowa

On average, Section 8 Housing Choice vouchers pay Montgomery County landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Montgomery County.

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

Sourced from federal housing data and AffordableHousingOnline.com research.