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

Discover affordable housing in Hancock County where there are 5+ 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.

Town Square Apartments

127 Winnebago Way / 136 West I Street, Forest City, Iowa 50436

Winngate Village

101 Westgate Dr, Forest City, Iowa 50436

Garner Village Apartments

355 W 12th St, Garner, Iowa 50438

The Phoenix at Corinth

200 Fawkes Avenue, Corwith, Iowa 50430

New Life Estates

145 Westgate Drive, Forest City, Iowa

calendar_today Opened: Apr 10
Open Until Further Notice

Reported On February 23rd, 2024 by Nathan Brunet

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Hancock 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 Hancock County, Iowa Affordable Housing ↓

What HUD offices serve Hancock County, Iowa?

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Operates the Public Housing programs for Hancock County, Iowa.

Go to the Iowa Public Housing and Low-Income Apartments Waiting Lists page for openings near Hancock County.

How many renters live in Hancock County, Iowa?

The County of Hancock County has 10,790 people living in 4,582 households.

There are 1,909 renters living in 854 renter households in this County. Renters make up 17.69 percent of the population living in Hancock County.

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

There are an estimated 5,127 housing units in the Hancock County area. Of these, 905 units are rental homes, making up 18 percent of the housing market. For every renter household in Hancock County, Iowa, there are 1 rental units.

What is the vacancy rate for rentals in Hancock County?

The rental vacancy rate in Hancock County is 1 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

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

Occupied Rental Units by Size in Hancock County
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
29 154 263 243 106
Occupied Rental Units by Size in Hancock County

A large number of apartments in Hancock 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 Hancock County are overburdened by housing costs?

Among renter households in this market, 31 percent have housing cost burden. Further, 20 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 Hancock County

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $630 to $1,463. 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 $1,183
Four BR $1,463
2024 Fair Market Rents in Hancock County, Iowa

How many units are rented at Fair Market Rent (FMR) in Hancock 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 11 38 percent
One BR 76 49 percent
Two BR 155 59 percent
Rental Units Below FMR in Hancock County, Iowa

How many affordable rental units are in Hancock County?

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

Federal Program Unit Count
Low Income Housing Tax Credit 24
Public Housing 7
USDA Section 515 Rural Rental Housing 24
Tracked Units by Federal Program in Hancock County, Iowa

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

Income Based Apartments in Hancock County, Iowa

Hancock County features 85 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 Hancock County, Iowa

There are 56 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Hancock County.

Housing Choice Vouchers in Hancock County, Iowa

On average, Section 8 Housing Choice vouchers pay Hancock County landlords $400 per month towards rent. The average voucher holder contributes $200 towards rent in Hancock County.

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

Sourced from federal housing data and AffordableHousingOnline.com research.