Affordable Housing In Ames
Story County, Iowa

7 Low Income Apartment Communities In Ames

Eastwood Apartments

420 E 7th St
Ames, IA
Subsidized

Keystone and Stonehaven Apartments

3115 Roy Key Ave
Ames, IA
Subsidized
62+
Accessible
Elderly Supportive Housing

Meadow Wood of Ames

4350 Maricopa Dr
Ames, IA
Accepts Vouchers

Laverne Apartments

919 S 16th St
Ames, IA
Accepts Vouchers

Windsor Pointe

3709 Tripp St
Ames, IA
Accepts Vouchers

The Rose of Ames

1315 Coconino Rd
Ames, IA
Accepts Vouchers

Prairie View Apartments

2330 Prairie View West
Ames, IA
Accepts Vouchers
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Housing Authorities that serve Ames

Housing Authority Programs
City of Ames
Central Iowa Regional Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Ames, Iowa

There are 7 low income housing apartment communities offering 549 affordable apartments for rent in Ames, Iowa. Ames features 170 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 379 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Ames.

Sourced from federal housing data and AffordableHousingOnline.com research.

Ames, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 7
Total Low Income Apartments 549
Total Housing Units with Rental Assistance 170
Percentage of Housing Units Occupied By Renters 59.02%
Average Renter Household Size 2.16
Average Household Size 2.25
Median Household Income $41,616 ±$2,388
Median Rent $785 ±$17
Percentage Of Renters Overburdened 57.76% ± 4.13pp
Total Population 62,815

Population and Household Demographics

Ames is a City in Story County, Iowa with a population of 62,815. There are 24,004 households in the city with an average household size of 2.25 persons. 59.02% of households in Ames are renters.

Income and Rent Overburden in Ames

The median gross income for households in Ames is $41,616 a year, or $3,468 a month. The median rent for the city is $785 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Ames, a household making less than $2,617 a month would be considered overburdened when renting an apartment at or above the median rent. 57.76% of households who rent are overburdened in Ames.1

Area Median Income In Ames

Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.

HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Ames, the AMI is calculated from all households within Story County.

In Ames, HUD calculates the Area Median Income for a family of four as $89,400

Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.

Rental Assistance in Ames

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.

Income Qualifications for Ames HUD Rental Assistance in Ames

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $18,450 $21,050 $23,700 $26,300 $30,170 $34,590 $39,010 $43,430
50% of Median $30,700 $35,100 $39,500 $43,850 $47,400 $50,900 $54,400 $57,900
80% of Median $49,150 $56,150 $63,150 $70,150 $75,800 $81,400 $87,000 $92,600
Fair Market Rents in Ames

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$684 $706 $857 $1,191 $1,417