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Affordable Housing In Storm Lake
Buena Vista County, Iowa

6 Low Income Apartment Communities In Storm Lake

Storm Lake Senior Housing

210 E 13th St
Storm Lake, Iowa
Income Based
1 BR

Tenth Street Townhomes

1118 Ontario Street
Storm Lake, Iowa
2-3 BR

Lakeview Manor Apartments

904 East Milwaukee Ave
Storm Lake, Iowa
Call For Rent
1 BR
Elderly Supportive Housing

Northpark Apartments

1724 E Milwaukee Ave
Storm Lake, Iowa

Seneca Place Apartments

1405 Seneca St
Storm Lake, Iowa

Holly Heights Apartments

1800 E Milwaukee Ave
Storm Lake, Iowa
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Guide To Affordable Housing in Storm Lake, Iowa

There are 6 low income housing apartment communities offering 253 affordable apartments for rent in Storm Lake, Iowa.

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 $618 and $756.

2020 Storm Lake, 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 $448 $537 $687 $941 $1,011
Payment Standard Range $403 to $493 $483 to $591 $618 to $756 $847 to $1,035 $910 to $1,112

Sourced from federal housing data and research.

Storm Lake, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 6
Total Low Income Apartments 253
Total Housing Units with Rental Assistance 131
Percentage of Housing Units Occupied By Renters 41.65%
Average Renter Household Size 2.51
Average Household Size 2.77
Median Household Income $43,539 ±$2,422
Median Rent $591 ±$26
Percentage Of Renters Overburdened 29.42% ± 8.59pp
Total Population 10,814

Population and Household Demographics

Storm Lake is a city in Buena Vista County, Iowa with a population of 10,814. There are 3,582 households in the city with an average household size of 2.77 persons. 41.65% of households in Storm Lake are renters.

Income and Rent Overburden in Storm Lake

The median gross income for households in Storm Lake is $43,539 a year, or $3,628 a month. The median rent for the city is $591 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Storm Lake, a household making less than $1,970 a month would be considered overburdened when renting an apartment at or above the median rent. 29.42% of households who rent are overburdened in Storm Lake.

Area Median Income In Storm Lake

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 Storm Lake, the AMI is calculated from all households within Buena Vista County.

In Storm Lake, HUD calculates the Area Median Income for a family of four as $68,600

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 Storm Lake

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 Storm Lake

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,250 $17,400 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $25,400 $29,000 $32,650 $36,250 $39,150 $42,050 $44,950 $47,850
80% of Median $40,600 $46,400 $52,200 $58,000 $62,650 $67,300 $71,950 $76,600