How many renters live in Independence, Iowa?
The City of Independence has people living in households.
There are renters living in renter households in this City. Renters make up 21.26 percent of the population living in Independence.
What is the rental market like in Independence, Iowa?
There are an estimated housing units in the Independence area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Independence, Iowa, there are 1.16 rental units.
What is the vacancy rate for rentals in Independence?
The rental vacancy rate in Independence is 14 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 Independence for each bedroom size?
Occupied Rental Units by Size in Independence
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 71 | 283 | 290 | 152 | 27 |
Occupied Rental Units by Size in Independence
A large number of apartments in Independence have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How Much Is Rent in Independence
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $699 to $1,225. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $699 |
| One BR | $700 |
| Two BR | $920 |
| Three BR | $1,153 |
| Four BR | $1,225 |
2024 Fair Market Rents in Independence, Iowa
How many units are rented at Fair Market Rent (FMR) in Independence?
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 | 44 | 62 percent |
| One BR | 209 | 74 percent |
| Two BR | 128 | 44 percent |
Rental Units Below FMR in Independence, Iowa
How many affordable rental units are in Independence?
There are a variety of federal affordable housing programs serving households in Independence, Iowa including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | |
| USDA Section 515 Rural Rental Housing |
Tracked Units by Federal Program in Independence, Iowa
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Independence, Iowa
Independence features 164 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 Independence, Iowa
There are 8 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Independence.
Housing Choice Vouchers in Independence, Iowa
On average, Section 8 Housing Choice vouchers pay Independence landlords $300 per month towards rent. The average voucher holder contributes $300 towards rent in Independence.
The maximum amount a voucher would pay on behalf of a low-income tenant in Independence, Iowa for a two-bedroom apartment is between $828 and $1,012.
Sourced from federal housing data and AffordableHousingOnline.com research.