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

Discover affordable housing in Waverly where there are 7+ 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.

Waverly Historic Lofts

201 1st St SE, Waverly, Iowa 50677

Lantern Park Apartments

908 6th St NW, Waverly, Iowa 50677

Waverly Homes

320 15th St NW, Waverly, Iowa 50677

Waverly Manor

210 15th St NW, Waverly, Iowa 50677

Rolling Meadows Apartments

701 16th St SW, Waverly, Iowa 50677

Community Based Services Se Housing Proj

821 6th St NW, Waverly, Iowa 50677

Waverly Iha Apartments

909 6th St NW, Waverly, Iowa 50677

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Waverly, Iowa
$16.82/hour
$9.57 (+132%) more than Iowa minimum wage and $9.57 (+132%) more than the Federal minimum wage.
Learn More About Waverly, Iowa Affordable Housing ↓

What HUD offices serve Waverly, 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 Public Housing programs for Waverly, Iowa.

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

How many renters live in Waverly, Iowa?

The City of Waverly has 10,399 people living in 3,788 households.

There are 1,888 renters living in 894 renter households in this City. Renters make up 18.16 percent of the population living in Waverly.

What is the rental market like in Waverly, Iowa?

There are an estimated 4,080 housing units in the Waverly area. Of these, 1,031 units are rental homes, making up 25 percent of the housing market. For every renter household in Waverly, Iowa, there are 1 rental units.

What is the vacancy rate for rentals in Waverly?

The rental vacancy rate in Waverly is 4 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 Waverly for each bedroom size?

Occupied Rental Units by Size in Waverly
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
55 216 395 172 43
Occupied Rental Units by Size in Waverly

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

Among renter households in this market, 42 percent have housing cost burden. Further, 20 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 Waverly

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $650 to $1,183. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $650
One BR $676
Two BR $888
Three BR $1,145
Four BR $1,183
2024 Fair Market Rents in Waverly, Iowa

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

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 16 29 percent
One BR 181 84 percent
Two BR 172 44 percent
Rental Units Below FMR in Waverly, Iowa

How many affordable rental units are in Waverly?

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

Federal Program Unit Count
Low Income Housing Tax Credit 112
Section 8 Project-Based Rental Assistance 101
Tracked Units by Federal Program in Waverly, Iowa

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

Income Based Apartments in Waverly, Iowa

Waverly features 118 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 Waverly, Iowa

There are 116 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Waverly.

Housing Choice Vouchers in Waverly, Iowa

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Waverly, Iowa for a two-bedroom apartment is between $799 and $977.

Sourced from federal housing data and AffordableHousingOnline.com research.