Low Income Apartments and Affordable Housing For Rent in Wallace, ID

Discover affordable housing in Wallace where there are 2+ 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.

Canyonside Townhouses

1741 Burke Canyon Rd. , Wallace, Idaho 83873

Silver Hills Apartments

20 Bank St , Wallace, Idaho 83873

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Wallace, Idaho
$18.14/hour
$10.89 (+150%) more than Idaho minimum wage and $10.89 (+150%) more than the Federal minimum wage.
Learn More About Wallace, Idaho Affordable Housing ↓

How many renters live in Wallace, Idaho?

The City of Wallace has 1,083 people living in 430 households.

There are 471 renters living in 191 renter households in this City. Renters make up 43.49 percent of the population living in Wallace.

What is the rental market like in Wallace, Idaho?

There are an estimated 651 housing units in the Wallace area. Of these, 229 units are rental homes, making up 35 percent of the housing market. For every renter household in Wallace, Idaho, there are 1 rental units.

What is the vacancy rate for rentals in Wallace?

The rental vacancy rate in Wallace is 13 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 Wallace for each bedroom size?

Occupied Rental Units by Size in Wallace
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
7 56 80 35 0
Occupied Rental Units by Size in Wallace

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

Among renter households in this market, 32 percent have housing cost burden. Further, 18 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 Wallace

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $649 to $1,614. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $649
One BR $729
Two BR $958
Three BR $1,271
Four BR $1,614
2024 Fair Market Rents in Wallace, Idaho

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

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 7 100 percent
One BR 51 91 percent
Two BR 61 76 percent
Rental Units Below FMR in Wallace, Idaho

How many affordable rental units are in Wallace?

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

Federal Program Unit Count
Low Income Housing Tax Credit 23
Section 8 Project-Based Rental Assistance 24
Tracked Units by Federal Program in Wallace, Idaho

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

Income Based Apartments in Wallace, Idaho

Wallace features 48 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 Wallace, Idaho

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Wallace.

Housing Choice Vouchers in Wallace, Idaho

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Wallace, Idaho for a two-bedroom apartment is between $862 and $1,054.

Sourced from federal housing data and AffordableHousingOnline.com research.