Low Income Apartments and Affordable Housing For Rent in Elwood, IN

Discover affordable housing in Elwood where there are 4+ 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.

Lexington Arms

1775 Antler Court, Elwood, Indiana 46036

Forest Glen Apartments

1373 S L St, Elwood, Indiana 46036

Duck Creek Apartments

239 N 13th St, Elwood, Indiana 46036

The Lofts at Leesons

201 S. Anderson St, Elwood, Indiana 46036

calendar_today Opened: Mar 31
Open Until Further Notice

Reported On March 31st, 2024 by Lorena Bentley

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Elwood, Indiana
$14.34 (+198%) more than Indiana minimum wage and $14.34 (+198%) more than the Federal minimum wage.
Learn More About Elwood, Indiana Affordable Housing ↓

What HUD offices serve Elwood, Indiana?

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 Elwood, Indiana.
Operates the Section 8 Housing Choice Voucher (HCV) programs for Elwood, Indiana.
Operates the Section 8 Housing Choice Voucher (HCV) programs for Elwood, Indiana.

Go to the Indiana Public Housing and Low-Income Apartments Waiting Lists page for openings near Elwood.

How many renters live in Elwood, Indiana?

The City of Elwood has 8,339 people living in 3,281 households.

There are 2,441 renters living in 1,200 renter households in this City. Renters make up 29.27 percent of the population living in Elwood.

What is the rental market like in Elwood, Indiana?

There are an estimated 3,864 housing units in the Elwood area. Of these, 1,310 units are rental homes, making up 34 percent of the housing market. For every renter household in Elwood, Indiana, there are 1 rental units.

What is the vacancy rate for rentals in Elwood?

The rental vacancy rate in Elwood is 8 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 Elwood for each bedroom size?

Occupied Rental Units by Size in Elwood
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
63 240 530 134 211
Occupied Rental Units by Size in Elwood

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

Among renter households in this market, 33 percent have housing cost burden. Further, 15 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 Elwood

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $793 to $1,518. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $793
One BR $868
Two BR $1,140
Three BR $1,468
Four BR $1,518
2024 Fair Market Rents in Elwood, Indiana

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

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 63 100 percent
One BR 215 90 percent
Two BR 480 91 percent
Rental Units Below FMR in Elwood, Indiana

How many affordable rental units are in Elwood?

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

Federal Program Unit Count
Low Income Housing Tax Credit 82
Tracked Units by Federal Program in Elwood, Indiana

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

Income Based Apartments in Elwood, Indiana

Elwood features 36 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 Elwood, Indiana

There are 128 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Elwood.

Housing Choice Vouchers in Elwood, Indiana

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Elwood, Indiana for a two-bedroom apartment is between $1,026 and $1,254.

Sourced from federal housing data and AffordableHousingOnline.com research.