What HUD offices serve Spirit Lake, 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 Spirit Lake.
How many renters live in Spirit Lake, Iowa?
The City of Spirit Lake has 5,409 people living in 2,537 households.
There are 1,244 renters living in 875 renter households in this City. Renters make up 23 percent of the population living in Spirit Lake.
What is the rental market like in Spirit Lake, Iowa?
There are an estimated 2,834 housing units in the Spirit Lake area. Of these, 875 units are rental homes, making up 31 percent of the housing market. For every renter household in Spirit Lake, Iowa, there are 1 rental units.
What is the vacancy rate for rentals in Spirit Lake?
The rental vacancy rate in Spirit Lake is 0 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 Spirit Lake for each bedroom size?
Occupied Rental Units by Size in Spirit Lake
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 78 | 314 | 287 | 118 | 62 |
Occupied Rental Units by Size in Spirit Lake
A large number of apartments in Spirit Lake 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 Spirit Lake are overburdened by housing costs?
Among renter households in this market, 34 percent have housing cost burden. Further, 12 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 Spirit Lake
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $789 to $1,389. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $789 |
| One BR | $794 |
| Two BR | $1,043 |
| Three BR | $1,261 |
| Four BR | $1,389 |
2024 Fair Market Rents in Spirit Lake, Iowa
How many units are rented at Fair Market Rent (FMR) in Spirit Lake?
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 | 13 | 17 percent |
| One BR | 193 | 61 percent |
| Two BR | 126 | 44 percent |
Rental Units Below FMR in Spirit Lake, Iowa
How many affordable rental units are in Spirit Lake?
There are a variety of federal affordable housing programs serving households in Spirit Lake, Iowa including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 58 |
Tracked Units by Federal Program in Spirit Lake, Iowa
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Spirit Lake, Iowa
Spirit Lake features 60 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 Spirit Lake, Iowa
There are 58 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Spirit Lake.
Housing Choice Vouchers in Spirit Lake, Iowa
On average, Section 8 Housing Choice vouchers pay Spirit Lake landlords $300 per month towards rent. The average voucher holder contributes $300 towards rent in Spirit Lake.
The maximum amount a voucher would pay on behalf of a low-income tenant in Spirit Lake, Iowa for a two-bedroom apartment is between $939 and $1,147.
Sourced from federal housing data and AffordableHousingOnline.com research.
