Low Income Apartments and Affordable Housing For Rent in Otho, IA

Discover affordable housing in Otho where there are 1+ 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.

Parkview Homes Co

428 Rake St., Otho, Iowa

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Otho, Iowa
$16.34/hour
$9.09 (+125%) more than Iowa minimum wage and $9.09 (+125%) more than the Federal minimum wage.
Learn More About Otho, Iowa Affordable Housing ↓

How many renters live in Otho, Iowa?

The City of Otho has 421 people living in 225 households.

There are 52 renters living in 44 renter households in this City. Renters make up 12.35 percent of the population living in Otho.

What is the rental market like in Otho, Iowa?

There are an estimated 228 housing units in the Otho area. Of these, 44 units are rental homes, making up 19 percent of the housing market. For every renter household in Otho, Iowa, there are 1 rental units.

What is the vacancy rate for rentals in Otho?

The rental vacancy rate in Otho is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

How many rental units are in Otho for each bedroom size?

Occupied Rental Units by Size in Otho
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
2 25 16 1 0
Occupied Rental Units by Size in Otho

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

Among renter households in this market, 52 percent have housing cost burden. Further, 0 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 Otho

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $652 to $1,465. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $652
One BR $657
Two BR $863
Three BR $1,159
Four BR $1,465
2024 Fair Market Rents in Otho, Iowa

How many units are rented at Fair Market Rent (FMR) in Otho?

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 1 50 percent
One BR 22 88 percent
Two BR 16 100 percent
Rental Units Below FMR in Otho, Iowa

How many affordable rental units are in Otho?

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

Federal Program Unit Count
USDA Section 515 Rural Rental Housing 24
Tracked Units by Federal Program in Otho, Iowa

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

Income Based Apartments in Otho, Iowa

Otho 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 Otho, Iowa

There are 24 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Otho.

Housing Choice Vouchers in Otho, Iowa

On average, Section 8 Housing Choice vouchers pay Otho landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Otho.

The maximum amount a voucher would pay on behalf of a low-income tenant in Otho, Iowa for a two-bedroom apartment is between $777 and $949.

Sourced from federal housing data and AffordableHousingOnline.com research.