How many renters live in Floodwood, Minnesota?
The City of Floodwood has 437 people living in 213 households.
There are 89 renters living in 56 renter households in this City. Renters make up 20.37 percent of the population living in Floodwood.
What is the rental market like in Floodwood, Minnesota?
There are an estimated 280 housing units in the Floodwood area. Of these, 56 units are rental homes, making up 20 percent of the housing market. For every renter household in Floodwood, Minnesota, there are 1 rental units.
What is the vacancy rate for rentals in Floodwood?
The rental vacancy rate in Floodwood 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 Floodwood for each bedroom size?
Occupied Rental Units by Size in Floodwood
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 1 | 38 | 9 | 6 | 2 |
Occupied Rental Units by Size in Floodwood
A large number of apartments in Floodwood 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 Floodwood are overburdened by housing costs?
Among renter households in this market, 43 percent have housing cost burden. Further, 25 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 Floodwood
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $762 to $1,889. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $762 |
| One BR | $868 |
| Two BR | $1,113 |
| Three BR | $1,485 |
| Four BR | $1,889 |
2024 Fair Market Rents in Floodwood, Minnesota
How many units are rented at Fair Market Rent (FMR) in Floodwood?
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 | 1 | 100 percent |
| One BR | 33 | 87 percent |
| Two BR | 9 | 100 percent |
Rental Units Below FMR in Floodwood, Minnesota
How many affordable rental units are in Floodwood?
There are a variety of federal affordable housing programs serving households in Floodwood, Minnesota including the following:
| Federal Program | Unit Count |
| Section 8 Project-Based Rental Assistance | 35 |
Tracked Units by Federal Program in Floodwood, Minnesota
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Floodwood, Minnesota
Floodwood features 35 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 Floodwood, Minnesota
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Floodwood.
Housing Choice Vouchers in Floodwood, Minnesota
On average, Section 8 Housing Choice vouchers pay Floodwood landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Floodwood.
The maximum amount a voucher would pay on behalf of a low-income tenant in Floodwood, Minnesota for a two-bedroom apartment is between $1,002 and $1,224.
Sourced from federal housing data and AffordableHousingOnline.com research.
