Low Income Apartments and Affordable Housing For Rent in Clay County, IA

Discover affordable housing in Clay County where there are 11+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Webb Apartments

515 Boyden St, Webb, Iowa 51366

Sunset Retirement Home East

111 E 20th St, Spencer, Iowa 51301

Southern Pointe Apartments

902 13th St SW, Spencer, Iowa 51301

Spencer Manor Apartments

503 E 19th St, Spencer, Iowa 51301

Sunset Apartments

118 E 21st St, Spencer, Iowa 51301

Old Spencer School

104 E 4th St, Spencer, Iowa 51301

Sunrise Ltd 8 061

1807 W 18th St, Spencer, Iowa 51301

Spnia, Lp - 100 - 102 - 104 12th St Sw

100 12th St SW, Spencer, Iowa 51301

College Apartments Michael Murphy

College and 3rd, Peterson, Iowa 51047

N.W. Apartments

611 E 19th St, Spencer, Iowa 51003

N.W. Apartments

511 E 19th St, Spencer, Iowa 51301

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Clay County, Iowa
$16.33/hour
$9.08 (+125%) more than Iowa minimum wage and $9.08 (+125%) more than the Federal minimum wage.
Learn More About Clay County, Iowa Affordable Housing ↓

How many renters live in Clay County, Iowa?

The County of Clay County has 16,423 people living in 7,225 households.

There are 3,924 renters living in 1,972 renter households in this County. Renters make up 23.89 percent of the population living in Clay County.

What is the rental market like in Clay County, Iowa?

There are an estimated 8,098 housing units in the Clay County area. Of these, 2,225 units are rental homes, making up 27 percent of the housing market. For every renter household in Clay County, Iowa, there are 1 rental units.

What is the vacancy rate for rentals in Clay County?

The rental vacancy rate in Clay County is 11 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.

How many rental units are in Clay County for each bedroom size?

Occupied Rental Units by Size in Clay County
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
61 558 727 361 230
Occupied Rental Units by Size in Clay County

A large number of apartments in Clay County have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Clay County are overburdened by housing costs?

Among renter households in this market, 32 percent have housing cost burden. Further, 16 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Clay County

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $630 to $1,148. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $630
One BR $700
Two BR $862
Three BR $1,142
Four BR $1,148
2024 Fair Market Rents in Clay County, Iowa

How many units are rented at Fair Market Rent (FMR) in Clay County?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
Studio 28 46 percent
One BR 373 67 percent
Two BR 407 56 percent
Rental Units Below FMR in Clay County, Iowa

How many affordable rental units are in Clay County?

There are a variety of federal affordable housing programs serving households in Clay County, Iowa including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 254
Section 8 Project-Based Rental Assistance 130
Section 202 Supportive Housing for the Elderly 12
USDA Section 515 Rural Rental Housing 116
Tracked Units by Federal Program in Clay County, Iowa

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Clay County, Iowa

Clay County features 173 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 Clay County, Iowa

There are 132 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Clay County.

Housing Choice Vouchers in Clay County, Iowa

On average, Section 8 Housing Choice vouchers pay Clay County landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Clay County.

The maximum amount a voucher would pay on behalf of a low-income tenant in Clay County, Iowa for a two-bedroom apartment is between $776 and $948.

Sourced from federal housing data and AffordableHousingOnline.com research.