Low Income Apartments and Affordable Housing For Rent in Redwood Falls, MN

Discover affordable housing in Redwood Falls where there are 5+ 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.

Country Village

600 E Broadway St, Redwood Falls, Minnesota 56283

Westfalls

201 Westfalls Dr, Redwood Falls, Minnesota 56283

Lakeside Manor

300 S Minnesota St, Redwood Falls, Minnesota 56283

Parkside Townhomes

1044 E Elm St, Redwood Falls, Minnesota 56283

River Ridge Apt

201 South Minnesota Street, Redwood Falls, Minnesota

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 Redwood Falls, Minnesota
$17.14/hour
$8.29 (+94%) more than Minnesota minimum wage and $9.89 (+136%) more than the Federal minimum wage.
Learn More About Redwood Falls, Minnesota Affordable Housing ↓

What HUD offices serve Redwood Falls, 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 Redwood Falls, Minnesota.
Operates the Public Housing programs for Redwood Falls, Minnesota.

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

How many renters live in Redwood Falls, Minnesota?

The City of Redwood Falls has 5,091 people living in 2,072 households.

There are 1,207 renters living in 621 renter households in this City. Renters make up 23.71 percent of the population living in Redwood Falls.

What is the rental market like in Redwood Falls, Minnesota?

There are an estimated 2,460 housing units in the Redwood Falls area. Of these, 715 units are rental homes, making up 29 percent of the housing market. For every renter household in Redwood Falls, Minnesota, there are 1 rental units.

What is the vacancy rate for rentals in Redwood Falls?

The rental vacancy rate in Redwood Falls is 11 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 Redwood Falls for each bedroom size?

Occupied Rental Units by Size in Redwood Falls
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 111 320 101 65
Occupied Rental Units by Size in Redwood Falls

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

Among renter households in this market, 38 percent have housing cost burden. Further, 24 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 Redwood Falls

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $613 to $1,516. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $613
One BR $693
Two BR $905
Three BR $1,273
Four BR $1,516
2024 Fair Market Rents in Redwood Falls, Minnesota

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

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
One BR 61 55 percent
Two BR 217 68 percent
Rental Units Below FMR in Redwood Falls, Minnesota

How many affordable rental units are in Redwood Falls?

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

Federal Program Unit Count
Low Income Housing Tax Credit 74
Public Housing 51
Section 8 Project-Based Rental Assistance 46
USDA Section 515 Rural Rental Housing 24
Tracked Units by Federal Program in Redwood Falls, Minnesota

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

Income Based Apartments in Redwood Falls, Minnesota

Redwood Falls features 115 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 Redwood Falls, Minnesota

There are 90 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Redwood Falls.

Housing Choice Vouchers in Redwood Falls, Minnesota

On average, Section 8 Housing Choice vouchers pay Redwood Falls landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Redwood Falls.

The maximum amount a voucher would pay on behalf of a low-income tenant in Redwood Falls, Minnesota for a two-bedroom apartment is between $815 and $996.

Sourced from federal housing data and AffordableHousingOnline.com research.