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Affordable Housing In Iona
Murray County, Minnesota

Housing Authorities that serve Iona

Housing Authority Programs
Worthington Housing and Redevelopment Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Iona, Minnesota

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Iona, Minnesota.

Income Based Apartments in Iona, Minnesota

Iona 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 Iona, Minnesota

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

Housing Choice Vouchers in Iona, Minnesota

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Iona, Minnesota for a two-bedroom apartment is between $643 and $785.

2020 Iona, Minnesota 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 $471 $548 $714 $1,002 $1,006
Payment Standard Range $424 to $518 $493 to $603 $643 to $785 $902 to $1,102 $905 to $1,107

Sourced from federal housing data and research.

Iona, MN Affordable Housing Snapshot

Total Affordable Apartment Properties 0
Total Low Income Apartments 0
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 8.33%
Average Renter Household Size 2.40
Average Household Size 2.13
Median Household Income $38,750 ±$9,614
Median Rent $600 ±$81
Percentage Of Renters Overburdened 20% ± 313.08pp
Total Population 128

Population and Household Demographics

Iona is a city in Murray County, Minnesota with a population of 128. There are 60 households in the city with an average household size of 2.13 persons. 8.33% of households in Iona are renters.

Income and Rent Overburden in Iona

The median gross income for households in Iona is $38,750 a year, or $3,229 a month. The median rent for the city is $600 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Iona, a household making less than $2,000 a month would be considered overburdened when renting an apartment at or above the median rent. 20% of households who rent are overburdened in Iona.

Area Median Income In Iona

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 Iona, the AMI is calculated from all households within Murray County.

In Iona, HUD calculates the Area Median Income for a family of four as $77,500

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 Iona

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 Iona

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $16,300 $18,600 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $27,150 $31,000 $34,900 $38,750 $41,850 $44,950 $48,050 $51,150
80% of Median $43,400 $49,600 $55,800 $62,000 $67,000 $71,950 $76,900 $81,850