What HUD offices serve Madrid, 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.
Go to the Iowa Public Housing and Low-Income Apartments Waiting Lists page for openings near Madrid.
How many renters live in Madrid, Iowa?
The City of Madrid has people living in households.
There are renters living in renter households in this City. Renters make up 16.06 percent of the population living in Madrid.
What is the rental market like in Madrid, Iowa?
There are an estimated housing units in the Madrid area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Madrid, Iowa, there are 1.18 rental units.
What is the vacancy rate for rentals in Madrid?
The rental vacancy rate in Madrid is 15 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 Madrid for each bedroom size?
Occupied Rental Units by Size in Madrid
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 4 | 63 | 89 | 68 | 0 |
Occupied Rental Units by Size in Madrid
A large number of apartments in Madrid 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 Madrid
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $614 to $1,348. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $614 |
| One BR | $685 |
| Two BR | $900 |
| Three BR | $1,268 |
| Four BR | $1,348 |
2024 Fair Market Rents in Madrid, Iowa
How many units are rented at Fair Market Rent (FMR) in Madrid?
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 | 0 | 100 percent |
| One BR | 25 | 40 percent |
| Two BR | 48 | 54 percent |
Rental Units Below FMR in Madrid, Iowa
How many affordable rental units are in Madrid?
There are a variety of federal affordable housing programs serving households in Madrid, Iowa including the following:
| Federal Program | Unit Count |
| Public Housing |
Tracked Units by Federal Program in Madrid, Iowa
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Madrid, Iowa
Madrid features 0 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 Madrid, Iowa
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Madrid.
Housing Choice Vouchers in Madrid, Iowa
On average, Section 8 Housing Choice vouchers pay Madrid landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Madrid.
The maximum amount a voucher would pay on behalf of a low-income tenant in Madrid, Iowa for a two-bedroom apartment is between $810 and $990.
Sourced from federal housing data and AffordableHousingOnline.com research.