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Affordable Housing In Peterson
Clay County, Iowa

1 Low Income Apartment Communities In Peterson

College Apartments Michael Murphy

College and 3rd
Peterson, Iowa
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Guide To Affordable Housing in Peterson, Iowa

There are 1 low income housing apartment communities offering 12 affordable apartments for rent in Peterson, Iowa.

Income Based Apartments in Peterson, Iowa

Peterson 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 Peterson, Iowa

There are 12 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Peterson.

Housing Choice Vouchers in Peterson, Iowa

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Peterson, Iowa for a two-bedroom apartment is between $650 and $794.

2021 Peterson, 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
Peterson, Iowa Fair Market Rent $524 $548 $722 $1,016 $1,209
Peterson, Iowa Payment Standard Range $472 to $576 $493 to $603 $650 to $794 $914 to $1,118 $1,088 to $1,330

Sourced from federal housing data and AffordableHousingOnline.com research.

Peterson, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 12
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 17.28%
Average Renter Household Size 1.50
Average Household Size 1.85
Median Household Income $38,750 ±$8,193
Median Rent $492 ±$164
Percentage Of Renters Overburdened 25% ± 55.89pp
Total Population 300

Population and Household Demographics

Peterson is a city in Clay County, Iowa with a population of 300. There are 162 households in the city with an average household size of 1.85 persons. 17.28% of households in Peterson are renters.

Income and Rent Overburden in Peterson

The median gross income for households in Peterson is $38,750 a year, or $3,229 a month. The median rent for the city is $492 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Peterson, a household making less than $1,640 a month would be considered overburdened when renting an apartment at or above the median rent. 25% of households who rent are overburdened in Peterson.

Area Median Income In Peterson

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 Peterson, the AMI is calculated from all households within Clay County.

In Peterson, HUD calculates the Area Median Income for a family of four as $67,400

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 Peterson

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 Peterson

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% AMI Income Limits
Renters earning up to 30% of the Peterson AMI may qualify for rental assistance programs that target Extremely Low Income households.
$15,100 $17,420 $21,960 $26,500 $31,040 $35,580 $40,120 $44,660
50% AMI Income Limits
Renters earning up to 50% of the Peterson AMI may qualify for rental assistance programs that target Very Low Income households.
$25,150 $28,750 $32,350 $35,900 $38,800 $41,650 $44,550 $47,400
80% AMI Income Limits
Renters earning up to 80% of the Peterson AMI may qualify for rental assistance programs that target Low Income households.
$40,250 $46,000 $51,750 $57,450 $62,050 $66,650 $71,250 $75,850