Low Income Apartments and Affordable Housing For Rent in Storm Lake, IA

Discover affordable housing in Storm Lake where there are 6+ 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.

Tenth Street Townhomes

1118 Ontario Street, Storm Lake, Iowa 50588

Lakeview Manor Apartments

904 East Milwaukee Ave, Storm Lake, Iowa 50588

Storm Lake Senior Housing

210 E 13th St, Storm Lake, Iowa 50588

Northpark Apartments

1724 E Milwaukee Ave, Storm Lake, Iowa 50588

Seneca Place Apartments

1405 Seneca St, Storm Lake, Iowa 50588

Holly Heights Apartments

1800 E Milwaukee Ave, Storm Lake, Iowa 50588

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Storm Lake, Iowa
$17.23/hour
$9.98 (+138%) more than Iowa minimum wage and $9.98 (+138%) more than the Federal minimum wage.
Learn More About Storm Lake, Iowa Affordable Housing ↓

How many renters live in Storm Lake, Iowa?

The City of Storm Lake has 11,194 people living in 3,996 households.

There are 2,942 renters living in 1,604 renter households in this City. Renters make up 26.28 percent of the population living in Storm Lake.

What is the rental market like in Storm Lake, Iowa?

There are an estimated 4,269 housing units in the Storm Lake area. Of these, 1,771 units are rental homes, making up 41 percent of the housing market. For every renter household in Storm Lake, Iowa, there are 1 rental units.

What is the vacancy rate for rentals in Storm Lake?

The rental vacancy rate in Storm Lake is 9 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 Storm Lake for each bedroom size?

Occupied Rental Units by Size in Storm Lake
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
200 645 661 66 32
Occupied Rental Units by Size in Storm Lake

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

Among renter households in this market, 28 percent have housing cost burden. Further, 9 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 Storm Lake

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $688 to $1,212. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $688
One BR $693
Two BR $910
Three BR $1,171
Four BR $1,212
2024 Fair Market Rents in Storm Lake, Iowa

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

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 153 77 percent
One BR 338 52 percent
Two BR 378 57 percent
Rental Units Below FMR in Storm Lake, Iowa

How many affordable rental units are in Storm Lake?

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

Federal Program Unit Count
Low Income Housing Tax Credit 209
Section 8 Project-Based Rental Assistance 106
Section 811 Supportive Housing for Persons with Disabilities 16
Tracked Units by Federal Program in Storm Lake, Iowa

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

Income Based Apartments in Storm Lake, Iowa

Storm Lake features 131 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 Storm Lake, Iowa

There are 122 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Storm Lake.

Housing Choice Vouchers in Storm Lake, Iowa

On average, Section 8 Housing Choice vouchers pay Storm Lake landlords $300 per month towards rent. The average voucher holder contributes $300 towards rent in Storm Lake.

The maximum amount a voucher would pay on behalf of a low-income tenant in Storm Lake, Iowa for a two-bedroom apartment is between $819 and $1,001.

Sourced from federal housing data and AffordableHousingOnline.com research.