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Affordable Housing In Nevada
Story County, Iowa

4 Low Income Apartment Communities In Nevada

The Meadows Apartments ~ Nevada

402 5th St
Nevada, Iowa

South Court Townhomes

710 S 11th St
Nevada, Iowa

Granmeadow Villiage Apartments

1014 Shagbark Dr
Nevada, Iowa

Neveda Elderly Apartments

833 S 13th St
Nevada, Iowa
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Housing Authorities that serve Nevada

Housing Authority Programs
Central Iowa Regional Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Nevada, Iowa

There are 4 low income housing apartment communities offering 128 affordable apartments for rent in Nevada, Iowa.

Income Based Apartments in Nevada, Iowa

Nevada features 73 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 Nevada, Iowa

There are 55 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Nevada.

Housing Choice Vouchers in Nevada, Iowa

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Nevada, Iowa for a two-bedroom apartment is between $771 and $943.

2020 Nevada, Iowa Fair Market Rents and Housing Choice Voucher Payment Standards

Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.

Studio One BR Two BR Three BR Four BR
Fair Market Rent $684 $706 $857 $1,191 $1,417
Payment Standard Range $616 to $752 $635 to $777 $771 to $943 $1,072 to $1,310 $1,275 to $1,559

Sourced from federal housing data and research.

Nevada, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 4
Total Low Income Apartments 128
Total Housing Units with Rental Assistance 73
Percentage of Housing Units Occupied By Renters 29.34%
Average Renter Household Size 2.13
Average Household Size 2.36
Median Household Income $55,657 ±$5,239
Median Rent $637 ±$39
Percentage Of Renters Overburdened 31.26% ± 11.95pp
Total Population 6,799

Population and Household Demographics

Nevada is a city in Story County, Iowa with a population of 6,799. There are 2,791 households in the city with an average household size of 2.36 persons. 29.34% of households in Nevada are renters.

Income and Rent Overburden in Nevada

The median gross income for households in Nevada is $55,657 a year, or $4,638 a month. The median rent for the city is $637 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Nevada, a household making less than $2,123 a month would be considered overburdened when renting an apartment at or above the median rent. 31.26% of households who rent are overburdened in Nevada.

Area Median Income In Nevada

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.

HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Nevada, the AMI is calculated from all households within Story County.

In Nevada, HUD calculates the Area Median Income for a family of four as $104,300

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 Nevada

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 HUD Rental Assistance in Nevada

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $19,900 $22,750 $25,600 $28,400 $30,700 $35,160 $39,640 $44,120
50% of Median $33,150 $37,850 $42,600 $47,300 $51,100 $54,900 $58,700 $62,450
80% of Median $53,000 $60,600 $68,150 $75,700 $81,800 $87,850 $93,900 $99,950