Affordable Housing In Eldon
Wapello County, Iowa

1 Low Income Apartment Communities In Eldon

  • «
  • 1
  • »

Housing Authorities that serve Eldon

Housing Authority Programs
Area XV Multi-County Housing Agency Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Eldon, Iowa

There are 1 low income housing apartment communities offering 66 affordable apartments for rent in Eldon, Iowa.

Income Based Apartments in Eldon, Iowa

Eldon 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 Eldon, Iowa

There are 66 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Eldon.

Housing Choice Vouchers in Eldon, Iowa

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Eldon, Iowa for a two-bedroom apartment is between $683 and $835.

2021 Eldon, 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
Eldon, Iowa Fair Market Rent $563 $576 $759 $967 $1,134
Eldon, Iowa Payment Standard Range $507 to $619 $518 to $634 $683 to $835 $870 to $1,064 $1,021 to $1,247

Sourced from federal housing data and AffordableHousingOnline.com research.

Eldon, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 66
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 30.77%
Average Renter Household Size 2.05
Average Household Size 2.08
Median Household Income $33,083 ±$9,027
Median Rent $469 ±$412
Percentage Of Renters Overburdened 24.32% ± 15.82pp
Total Population 999

Population and Household Demographics

Eldon is a city in Wapello County, Iowa with a population of 999. There are 481 households in the city with an average household size of 2.08 persons. 30.77% of households in Eldon are renters.

Income and Rent Overburden in Eldon

The median gross income for households in Eldon is $33,083 a year, or $2,757 a month. The median rent for the city is $469 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Eldon, a household making less than $1,563 a month would be considered overburdened when renting an apartment at or above the median rent. 24.32% of households who rent are overburdened in Eldon.

Area Median Income In Eldon

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 Eldon, the AMI is calculated from all households within Wapello County.

In Eldon, HUD calculates the Area Median Income for a family of four as $60,000

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 Eldon

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 Eldon

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% AMI Income Limits
Renters earning up to 30% of the Eldon AMI may qualify for rental assistance programs that target Extremely Low Income households.
$15,100 $17,420 $21,960 $26,500 $31,040 $35,580 $40,120 $44,660
50% AMI Income Limits
Renters earning up to 50% of the Eldon AMI may qualify for rental assistance programs that target Very Low Income households.
$25,150 $28,750 $32,350 $35,900 $38,800 $41,650 $44,550 $47,400
80% AMI Income Limits
Renters earning up to 80% of the Eldon AMI may qualify for rental assistance programs that target Low Income households.
$40,250 $46,000 $51,750 $57,450 $62,050 $66,650 $71,250 $75,850