What HUD offices serve Albert Lea, 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.
Go to the Minnesota Public Housing and Low-Income Apartments Waiting Lists page for openings near Albert Lea.
How many renters live in Albert Lea, Minnesota?
The City of Albert Lea has 18,434 people living in 7,867 households.
There are 4,605 renters living in 2,218 renter households in this City. Renters make up 24.98 percent of the population living in Albert Lea.
What is the rental market like in Albert Lea, Minnesota?
There are an estimated 8,567 housing units in the Albert Lea area. Of these, 2,393 units are rental homes, making up 28 percent of the housing market. For every renter household in Albert Lea, Minnesota, there are 1 rental units.
What is the vacancy rate for rentals in Albert Lea?
The rental vacancy rate in Albert Lea is 5 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 Albert Lea for each bedroom size?
Occupied Rental Units by Size in Albert Lea
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 107 | 657 | 957 | 417 | 80 |
Occupied Rental Units by Size in Albert Lea
A large number of apartments in Albert Lea 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 Albert Lea are overburdened by housing costs?
Among renter households in this market, 42 percent have housing cost burden. Further, 17 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 Albert Lea
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $659 to $1,402. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $659 |
| One BR | $740 |
| Two BR | $972 |
| Three BR | $1,239 |
| Four BR | $1,402 |
2024 Fair Market Rents in Albert Lea, Minnesota
How many units are rented at Fair Market Rent (FMR) in Albert Lea?
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 | 47 | 44 percent |
| One BR | 473 | 72 percent |
| Two BR | 663 | 69 percent |
Rental Units Below FMR in Albert Lea, Minnesota
How many affordable rental units are in Albert Lea?
There are a variety of federal affordable housing programs serving households in Albert Lea, Minnesota including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 260 |
| Public Housing | 176 |
| Section 8 Project-Based Rental Assistance | 274 |
| Section 202 Supportive Housing for the Elderly | 22 |
| USDA Section 515 Rural Rental Housing | 48 |
Tracked Units by Federal Program in Albert Lea, Minnesota
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Albert Lea, Minnesota
Albert Lea features 597 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 Albert Lea, Minnesota
There are 106 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Albert Lea.
Housing Choice Vouchers in Albert Lea, Minnesota
On average, Section 8 Housing Choice vouchers pay Albert Lea landlords $300 per month towards rent. The average voucher holder contributes $400 towards rent in Albert Lea.
The maximum amount a voucher would pay on behalf of a low-income tenant in Albert Lea, Minnesota for a two-bedroom apartment is between $875 and $1,069.
Sourced from federal housing data and AffordableHousingOnline.com research.
