Affordable Housing In Madison County
7 Low Income Apartment Communities In Madison County
Housing Authorities that serve Madison County
|Central Iowa Regional Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing|
Other Housing Authorities located in Madison County
|Low Rent Housing Agency of Winterset||Public Housing|
Guide To Affordable Housing in Madison County, Iowa
There are 7 low income housing apartment communities offering 430 affordable apartments for rent in Madison County, Iowa. Madison County features 262 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 168 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Madison County.
Sourced from federal housing data and AffordableHousingOnline.com research.
Madison County, IA Affordable Housing Snapshot
|Total Affordable Apartment Properties||7|
|Total Low Income Apartments||430|
|Total Housing Units with Rental Assistance||262|
|Percentage of Housing Units Occupied By Renters||25.14%|
|Average Renter Household Size||2.35|
|Average Household Size||2.48|
|Median Household Income||$60,060 ±$3,154|
|Median Rent||$818 ±$79|
|Percentage Of Renters Overburdened||33.1% ± 9.66pp|
Population and Household Demographics
Madison County is a County in Iowa with a population of 15,644. There are 6,225 households in the county with an average household size of 2.48 persons. 25.14% of households in Madison County are renters.
Income and Rent Overburden in Madison County
The median gross income for households in Madison County is $60,060 a year, or $5,005 a month. The median rent for the county is $818 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Madison County, a household making less than $2,727 a month would be considered overburdened when renting an apartment at or above the median rent. 33.1% of households who rent are overburdened in Madison County.1
Area Median Income In Madison County
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.
In Madison County, HUD calculates the Area Median Income for a family of four as $88,000
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 Madison County
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 Madison County HUD Rental Assistance in Madison County
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$18,400||$21,000||$23,650||$26,250||$30,170||$34,590||$39,010||$43,430|
|50% of Median||$30,650||$35,000||$39,400||$43,750||$47,250||$50,750||$54,250||$57,750|
|80% of Median||$49,000||$56,000||$63,000||$70,000||$75,600||$81,200||$86,800||$92,400|
Fair Market Rents in Madison County
Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.
2020 Fair Market Rents
|Studio||One BR||Two BR||Three BR||Four BR|
Cities In Madison County
Select A City to View its Apartment Communities and Waiting Lists.
|Winterset||6||The HUD funded Public Housing Agencies that serve Winterset are the Low Rent Housing Agency of Winterset and Central Iowa Regional Housing Authority.|
|Earlham||1||The HUD funded Public Housing Agency that serves Earlham is the Central Iowa Regional Housing Authority.|
|East Peru||0||The HUD funded Public Housing Agency that serves East Peru is the Central Iowa Regional Housing Authority.|
|Macksburg||0||The HUD funded Public Housing Agency that serves Macksburg is the Central Iowa Regional Housing Authority.|
|St. Charles||0||The HUD funded Public Housing Agency that serves St. Charles is the Central Iowa Regional Housing Authority.|
|Truro||0||The HUD funded Public Housing Agency that serves Truro is the Central Iowa Regional Housing Authority.|
|Bevington||0||The HUD funded Public Housing Agency that serves Bevington is the Central Iowa Regional Housing Authority.|
|Patterson||0||The HUD funded Public Housing Agency that serves Patterson is the Central Iowa Regional Housing Authority.|