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

Discover affordable housing in Prescott 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.

Prescott Community

600 5th Ave, Prescott, Iowa 50859

Open Until Further Notice

Reported On February 23rd, 2024 by Nathan Brunet

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Prescott, Iowa
$17.54/hour
$10.29 (+142%) more than Iowa minimum wage and $10.29 (+142%) more than the Federal minimum wage.
Learn More About Prescott, Iowa Affordable Housing ↓

What HUD offices serve Prescott, 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.

Operates the Section 8 Housing Choice Voucher (HCV), Public Housing programs for Prescott, Iowa.

Go to the Iowa Public Housing and Low-Income Apartments Waiting Lists page for openings near Prescott.

How many renters live in Prescott, Iowa?

The City of Prescott has 303 people living in 116 households.

There are 31 renters living in 15 renter households in this City. Renters make up 10.23 percent of the population living in Prescott.

What is the rental market like in Prescott, Iowa?

There are an estimated 129 housing units in the Prescott area. Of these, 19 units are rental homes, making up 15 percent of the housing market. For every renter household in Prescott, Iowa, there are 1 rental units.

What is the vacancy rate for rentals in Prescott?

The rental vacancy rate in Prescott is 21 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 Prescott for each bedroom size?

Occupied Rental Units by Size in Prescott
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 1 3 7 4
Occupied Rental Units by Size in Prescott

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

Among renter households in this market, 60 percent have housing cost burden. Further, 7 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 Prescott

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $676 to $1,233. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $676
One BR $705
Two BR $926
Three BR $1,120
Four BR $1,233
2024 Fair Market Rents in Prescott, Iowa

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

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
One BR 1 100 percent
Two BR 2 67 percent
Rental Units Below FMR in Prescott, Iowa

How many affordable rental units are in Prescott?

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

Federal Program Unit Count
USDA Section 515 Rural Rental Housing 8
Tracked Units by Federal Program in Prescott, Iowa

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

Income Based Apartments in Prescott, Iowa

Prescott features 8 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 Prescott, Iowa

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Prescott.

Housing Choice Vouchers in Prescott, Iowa

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Prescott, Iowa for a two-bedroom apartment is between $833 and $1,019.

Sourced from federal housing data and AffordableHousingOnline.com research.