Affordable Housing In Elma
Howard County, Iowa

Guide To Affordable Housing in Elma, Iowa

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

Income Based Apartments in Elma, Iowa

Elma 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 Elma, Iowa

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

Housing Choice Vouchers in Elma, Iowa

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Elma, Iowa for a two-bedroom apartment is between $618 and $756.

2020 Elma, 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 $497 $604 $687 $973 $1,012
Payment Standard Range $447 to $547 $544 to $664 $618 to $756 $876 to $1,070 $911 to $1,113

Sourced from federal housing data and AffordableHousingOnline.com research.

Elma, 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 33.78%
Average Renter Household Size 2.07
Average Household Size 2.07
Median Household Income $38,889 ±$5,530
Median Rent $741 ±$312
Percentage Of Renters Overburdened 39% ± 14.64pp
Total Population 654

Population and Household Demographics

Elma is a City in Howard County, Iowa with a population of 654. There are 296 households in the city with an average household size of 2.07 persons. 33.78% of households in Elma are renters.

Income and Rent Overburden in Elma

The median gross income for households in Elma is $38,889 a year, or $3,241 a month. The median rent for the city is $741 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Elma, a household making less than $2,470 a month would be considered overburdened when renting an apartment at or above the median rent. 39% of households who rent are overburdened in Elma.1

Area Median Income In Elma

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 Elma, the AMI is calculated from all households within Howard County.

In Elma, HUD calculates the Area Median Income for a family of four as $65,800

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 Elma

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 Elma HUD Rental Assistance in Elma

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $14,600 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $24,300 $27,800 $31,250 $34,700 $37,500 $40,300 $43,050 $45,850
80% of Median $38,850 $44,400 $49,950 $55,500 $59,950 $64,400 $68,850 $73,300