Low Income Apartments and Affordable Housing For Rent in Princeton, MN

Discover affordable housing in Princeton where there are 10+ 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.

Riverside Apartments

106 4th Ave S, Princeton, Minnesota 55371

West Birch Townhomes

602 13th Ave N, Princeton, Minnesota 55371

D and G Apartments 1

805 6th Ave N, Princeton, Minnesota 55371

D and G Apartments 2

807 6th Ave N, Princeton, Minnesota 55371

Riverview Place Apartments

1310 15th Ave N, Princeton, Minnesota 55371

Riverview Place North Apartments

1400 15th Ave N, Princeton, Minnesota 55371

Princeton Apartments

206 4th Ave S, Princeton, Minnesota 55371

Belle Haven Townhomes

101 18th Ave N, Princeton, Minnesota 55371

The Oaks Apartments

801 3rd St N, Princeton, Minnesota 55371

Targeted Home 97 - Th - 2415

Branch St And 13th Ave N, Princeton, Minnesota 55371

calendar_today Opened: Mar 21
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 Princeton, Minnesota
$21.42/hour
$12.57 (+142%) more than Minnesota minimum wage and $14.17 (+195%) more than the Federal minimum wage.
Learn More About Princeton, Minnesota Affordable Housing ↓

What HUD offices serve Princeton, Minnesota?

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 Princeton, Minnesota.
Operates the Public Housing programs for Princeton, Minnesota.

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

How many renters live in Princeton, Minnesota?

The City of Princeton has 4,898 people living in 2,035 households.

There are 1,823 renters living in 848 renter households in this City. Renters make up 37.22 percent of the population living in Princeton.

What is the rental market like in Princeton, Minnesota?

There are an estimated 2,090 housing units in the Princeton area. Of these, 903 units are rental homes, making up 43 percent of the housing market. For every renter household in Princeton, Minnesota, there are 1 rental units.

What is the vacancy rate for rentals in Princeton?

The rental vacancy rate in Princeton 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 Princeton for each bedroom size?

Occupied Rental Units by Size in Princeton
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
32 319 285 122 90
Occupied Rental Units by Size in Princeton

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

Among renter households in this market, 40 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 Princeton

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $855 to $1,919. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $855
One BR $861
Two BR $1,131
Three BR $1,440
Four BR $1,919
2024 Fair Market Rents in Princeton, Minnesota

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

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 41 percent
One BR 214 67 percent
Two BR 162 57 percent
Rental Units Below FMR in Princeton, Minnesota

How many affordable rental units are in Princeton?

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

Federal Program Unit Count
Low Income Housing Tax Credit 79
Public Housing 40
Section 8 Project-Based Rental Assistance 48
USDA Section 515 Rural Rental Housing 109
Tracked Units by Federal Program in Princeton, Minnesota

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

Income Based Apartments in Princeton, Minnesota

Princeton features 177 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 Princeton, Minnesota

There are 65 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Princeton.

Housing Choice Vouchers in Princeton, Minnesota

On average, Section 8 Housing Choice vouchers pay Princeton landlords $500 per month towards rent. The average voucher holder contributes $400 towards rent in Princeton.

The maximum amount a voucher would pay on behalf of a low-income tenant in Princeton, Minnesota for a two-bedroom apartment is between $1,018 and $1,244.

Sourced from federal housing data and AffordableHousingOnline.com research.