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

Discover affordable housing in Story County where there are 15+ 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.

Windsor Pointe

3815 Tripp St., Ames, Iowa 50014

The Meadows Apartments ~ Nevada

402 5th St, Nevada, Iowa 50201

Eastwood Apartments

420 E 7th St, Ames, Iowa 50010

Neveda Park Elderly

833 S 13th St, Nevada, Iowa 50201

Maxwell Senior Housing Inc

701 5th St, Maxwell, Iowa 50161

Viking Village Co. ,

910 Fairview St, Story City, Iowa 50248

Keystone and Stonehaven Apartments

3115 Roy Key Ave, Ames, Iowa 50010

The Rose of Ames

1315 Coconino Rd, Ames, Iowa 50014

Cedar Place Apartments

812 Cedar St, Story City, Iowa 50248

Prairie View Apartments

2330 Prairie View West, Ames, Iowa 50010

Laverne Apartments

919 S 16th St, Ames, Iowa 50010

Cambridge Hsg

101 West Third Street, Cambridge, Iowa

Collins Active Senior Housing Ltd

3 Rail Way, Collins, Iowa 50055

South Court Townhomes

710 S 11th St, Nevada, Iowa 50201

Granmeadow Villiage Apartments

1014 Shagbark Dr, Nevada, Iowa 50201

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 Story County, Iowa
$19.56/hour
$12.31 (+170%) more than Iowa minimum wage and $12.31 (+170%) more than the Federal minimum wage.
Learn More About Story County, Iowa Affordable Housing ↓

What HUD offices serve Story 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 Section 8 Housing Choice Voucher (HCV), Public Housing programs for Story County, Iowa.

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

How many renters live in Story County, Iowa?

The County of Story County has 99,673 people living in 39,531 households.

There are 33,143 renters living in 18,059 renter households in this County. Renters make up 33.25 percent of the population living in Story County.

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

There are an estimated 41,347 housing units in the Story County area. Of these, 18,706 units are rental homes, making up 45 percent of the housing market. For every renter household in Story County, Iowa, there are 1 rental units.

What is the vacancy rate for rentals in Story County?

The rental vacancy rate in Story County is 7 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 Story County for each bedroom size?

Occupied Rental Units by Size in Story County
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
999 4,195 7,351 3,013 1,986
Occupied Rental Units by Size in Story County

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

Among renter households in this market, 47 percent have housing cost burden. Further, 27 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 Story County

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $847 to $1,753. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $847
One BR $918
Two BR $1,033
Three BR $1,456
Four BR $1,753
2024 Fair Market Rents in Story County, Iowa

How many units are rented at Fair Market Rent (FMR) in Story 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 930 93 percent
One BR 3,215 77 percent
Two BR 4,744 65 percent
Rental Units Below FMR in Story County, Iowa

How many affordable rental units are in Story County?

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

Federal Program Unit Count
Low Income Housing Tax Credit 550
Section 8 Project-Based Rental Assistance 330
USDA Section 515 Rural Rental Housing 79
Tracked Units by Federal Program in Story County, Iowa

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

Income Based Apartments in Story County, Iowa

Story County features 324 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 Story County, Iowa

There are 386 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Story County.

Housing Choice Vouchers in Story County, Iowa

On average, Section 8 Housing Choice vouchers pay Story County landlords $500 per month towards rent. The average voucher holder contributes $400 towards rent in Story County.

The maximum amount a voucher would pay on behalf of a low-income tenant in Story County, Iowa for a two-bedroom apartment is between $930 and $1,136.

Sourced from federal housing data and AffordableHousingOnline.com research.