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Affordable Housing In Beaman
Grundy County, Iowa

Guide To Affordable Housing in Beaman, Iowa

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Beaman, Iowa.

Income Based Apartments in Beaman, Iowa

Beaman features 0 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 Beaman, Iowa

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

Housing Choice Vouchers in Beaman, Iowa

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Beaman, Iowa for a two-bedroom apartment is between $687 and $839.

2020 Beaman, Iowa Fair Market Rents and Housing Choice Voucher Payment Standards

Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.

Studio One BR Two BR Three BR Four BR
Fair Market Rent $517 $604 $763 $996 $1,249
Payment Standard Range $465 to $569 $544 to $664 $687 to $839 $896 to $1,096 $1,124 to $1,374

Sourced from federal housing data and research.

Beaman, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 0
Total Low Income Apartments 0
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 19.32%
Average Renter Household Size 2.47
Average Household Size 2.66
Median Household Income $53,750 ±$13,994
Median Rent $629 ±$51
Percentage Of Renters Overburdened 23.53% ± 97.07pp
Total Population 234

Population and Household Demographics

Beaman is a city in Grundy County, Iowa with a population of 234. There are 88 households in the city with an average household size of 2.66 persons. 19.32% of households in Beaman are renters.

Income and Rent Overburden in Beaman

The median gross income for households in Beaman is $53,750 a year, or $4,479 a month. The median rent for the city is $629 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Beaman, a household making less than $2,097 a month would be considered overburdened when renting an apartment at or above the median rent. 23.53% of households who rent are overburdened in Beaman.

Area Median Income In Beaman

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 Beaman, the AMI is calculated from all households within Grundy County.

In Beaman, HUD calculates the Area Median Income for a family of four as $71,600

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 Beaman

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 HUD Rental Assistance in Beaman

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,250 $17,400 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $25,400 $29,000 $32,650 $36,250 $39,150 $42,050 $44,950 $47,850
80% of Median $40,600 $46,400 $52,200 $58,000 $62,650 $67,300 $71,950 $76,600