Low Income Apartments and Affordable Housing For Rent in New Madrid, MO

Discover affordable housing in New Madrid where there are 7+ 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.

Old Oak Apartments

447 Pinnell Ln, New Madrid, Missouri 63869

Howardville Apartments II

102 W Laura St, New Madrid, Missouri 63869

New Madrid Garden Apartments

1 Blades Dr, New Madrid, Missouri 63869

New Madrid

550 Semo Dr, New Madrid, Missouri 63869

Howardville Housing

6916 US Highway 61, New Madrid, Missouri 63869

New Madrid Golden Age Center Assoc

925 Pinnell Lane, New Madrid, Missouri

New London Apartments

Rector St, New Madrid, Missouri 63459

Open Until Further Notice

Reported On February 23rd, 2024 by Nathan Brunet

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 New Madrid, Missouri
$15.80/hour
$3.50 (+28%) more than Missouri minimum wage and $8.55 (+118%) more than the Federal minimum wage.
Learn More About New Madrid, Missouri Affordable Housing ↓

What HUD offices serve New Madrid, Missouri?

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 New Madrid, Missouri.
Operates the Section 8 Housing Choice Voucher (HCV) programs for New Madrid, Missouri.

Go to the Missouri Public Housing and Low-Income Apartments Waiting Lists page for openings near New Madrid.

How many renters live in New Madrid, Missouri?

The City of New Madrid has 2,761 people living in 1,175 households.

There are 1,032 renters living in 497 renter households in this City. Renters make up 37.38 percent of the population living in New Madrid.

What is the rental market like in New Madrid, Missouri?

There are an estimated 1,444 housing units in the New Madrid area. Of these, 497 units are rental homes, making up 34 percent of the housing market. For every renter household in New Madrid, Missouri, there are 1 rental units.

What is the vacancy rate for rentals in New Madrid?

The rental vacancy rate in New Madrid 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 New Madrid for each bedroom size?

Occupied Rental Units by Size in New Madrid
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
8 153 182 135 19
Occupied Rental Units by Size in New Madrid

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

Among renter households in this market, 30 percent have housing cost burden. Further, 10 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 New Madrid

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $629 to $1,111. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $629
One BR $635
Two BR $834
Three BR $1,008
Four BR $1,111
2024 Fair Market Rents in New Madrid, Missouri

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

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 8 100 percent
One BR 95 62 percent
Two BR 142 78 percent
Rental Units Below FMR in New Madrid, Missouri

How many affordable rental units are in New Madrid?

There are a variety of federal affordable housing programs serving households in New Madrid, Missouri including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 52
Public Housing 98
Section 8 Project-Based Rental Assistance 27
USDA Section 515 Rural Rental Housing 40
Tracked Units by Federal Program in New Madrid, Missouri

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

Income Based Apartments in New Madrid, Missouri

New Madrid features 215 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 New Madrid, Missouri

There are 28 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in New Madrid.

Housing Choice Vouchers in New Madrid, Missouri

On average, Section 8 Housing Choice vouchers pay New Madrid landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in New Madrid.

The maximum amount a voucher would pay on behalf of a low-income tenant in New Madrid, Missouri for a two-bedroom apartment is between $751 and $917.

Sourced from federal housing data and AffordableHousingOnline.com research.