Low Income Apartments and Affordable Housing For Rent in Iola, KS

Discover affordable housing in Iola where there are 4+ 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.

River Valley Homes

308 McGuire Dr E, Iola, Kansas 66749

Cedarbrook Estates

2700 N Cottonwood St, Iola, Kansas 66749

Townhouse East

217 North Street, Iola, Kansas

217 N Washington Ave

217 N Washington Ave, Iola, Kansas 66749

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 Iola, Kansas
$16.70/hour
$9.45 (+130%) more than Kansas minimum wage and $9.45 (+130%) more than the Federal minimum wage.
Learn More About Iola, Kansas Affordable Housing ↓

What HUD offices serve Iola, Kansas?

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 Public Housing programs for Iola, Kansas.
Operates the Section 8 Housing Choice Voucher (HCV), Mainstream Voucher programs for Iola, Kansas.

Go to the Kansas Public Housing and Low-Income Apartments Waiting Lists page for openings near Iola.

How many renters live in Iola, Kansas?

The City of Iola has 5,395 people living in 2,178 households.

There are 2,244 renters living in 898 renter households in this City. Renters make up 41.59 percent of the population living in Iola.

What is the rental market like in Iola, Kansas?

There are an estimated 2,672 housing units in the Iola area. Of these, 1,081 units are rental homes, making up 40 percent of the housing market. For every renter household in Iola, Kansas, there are 1 rental units.

What is the vacancy rate for rentals in Iola?

The rental vacancy rate in Iola is 10 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 Iola for each bedroom size?

Occupied Rental Units by Size in Iola
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
98 14 452 272 50
Occupied Rental Units by Size in Iola

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

Among renter households in this market, 44 percent have housing cost burden. Further, 19 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 Iola

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $603 to $1,244. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $603
One BR $671
Two BR $882
Three BR $1,095
Four BR $1,244
2024 Fair Market Rents in Iola, Kansas

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

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 56 57 percent
One BR 12 86 percent
Two BR 313 69 percent
Rental Units Below FMR in Iola, Kansas

How many affordable rental units are in Iola?

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

Federal Program Unit Count
Low Income Housing Tax Credit 123
Public Housing 146
USDA Section 515 Rural Rental Housing 40
Tracked Units by Federal Program in Iola, Kansas

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

Income Based Apartments in Iola, Kansas

Iola features 196 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 Iola, Kansas

There are 54 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Iola.

Housing Choice Vouchers in Iola, Kansas

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Iola, Kansas for a two-bedroom apartment is between $794 and $970.

Sourced from federal housing data and AffordableHousingOnline.com research.