Affordable Housing In Cedar Rapids
44 Low Income Apartment Communities In Cedar Rapids
Housing Authorities that serve Cedar Rapids
|Cedar Rapids Housing Services Division||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Cedar Rapids, Iowa
There are 44 low income housing apartment communities offering 2,765 affordable apartments for rent in Cedar Rapids, Iowa. Cedar Rapids features 889 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 1,846 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Cedar Rapids.
Sourced from federal housing data and AffordableHousingOnline.com research.
Cedar Rapids, IA Affordable Housing Snapshot
|Total Affordable Apartment Properties||44|
|Total Low Income Apartments||2,765|
|Total Housing Units with Rental Assistance||889|
|Percentage of Housing Units Occupied By Renters||31.07%|
|Average Renter Household Size||2.08|
|Average Household Size||2.35|
|Median Household Income||$53,581 ±$1,653|
|Median Rent||$695 ±$14|
|Percentage Of Renters Overburdened||43.77% ± 3.46pp|
Population and Household Demographics
Cedar Rapids is a City in Linn County, Iowa with a population of 128,829. There are 53,328 households in the city with an average household size of 2.35 persons. 31.07% of households in Cedar Rapids are renters.
Income and Rent Overburden in Cedar Rapids
The median gross income for households in Cedar Rapids is $53,581 a year, or $4,465 a month. The median rent for the city is $695 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Cedar Rapids, a household making less than $2,317 a month would be considered overburdened when renting an apartment at or above the median rent. 43.77% of households who rent are overburdened in Cedar Rapids.1
Area Median Income In Cedar Rapids
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 Cedar Rapids, the AMI is calculated from all households within Linn County.
In Cedar Rapids, HUD calculates the Area Median Income for a family of four as $89,300
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 Cedar Rapids
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 Cedar Rapids HUD Rental Assistance in Cedar Rapids
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$18,800||$21,450||$24,150||$26,800||$30,170||$34,590||$39,010||$43,430|
|50% of Median||$31,300||$35,750||$40,200||$44,650||$48,250||$51,800||$55,400||$58,950|
|80% of Median||$50,050||$57,200||$64,350||$71,450||$77,200||$82,900||$88,600||$94,350|
Fair Market Rents in Cedar Rapids
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|