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Affordable Housing In Isle
Mille Lacs County, Minnesota

2 Low Income Apartment Communities In Isle

Isle View Apartments

205 1st Ave N
Isle, Minnesota

Mille Lacs Manor

510 Main St W
Isle, Minnesota
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Guide To Affordable Housing in Isle, Minnesota

There are 2 low income housing apartment communities offering 45 affordable apartments for rent in Isle, Minnesota.

Income Based Apartments in Isle, Minnesota

Isle features 41 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 Isle, Minnesota

There are 4 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Isle.

Housing Choice Vouchers in Isle, Minnesota

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Isle, Minnesota for a two-bedroom apartment is between $811 and $991.

2020 Isle, 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 $587 $684 $901 $1,297 $1,412
Payment Standard Range $528 to $646 $616 to $752 $811 to $991 $1,167 to $1,427 $1,271 to $1,553

Sourced from federal housing data and research.

Isle, MN Affordable Housing Snapshot

Total Affordable Apartment Properties 2
Total Low Income Apartments 45
Total Housing Units with Rental Assistance 41
Percentage of Housing Units Occupied By Renters 39.84%
Average Renter Household Size 1.82
Average Household Size 2.07
Median Household Income $27,431 ±$7,028
Median Rent $613 ±$101
Percentage Of Renters Overburdened 51.02% ± 9.25pp
Total Population 762

Population and Household Demographics

Isle is a city in Mille Lacs County, Minnesota with a population of 762. There are 369 households in the city with an average household size of 2.07 persons. 39.84% of households in Isle are renters.

Income and Rent Overburden in Isle

The median gross income for households in Isle is $27,431 a year, or $2,286 a month. The median rent for the city is $613 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Isle, a household making less than $2,043 a month would be considered overburdened when renting an apartment at or above the median rent. 51.02% of households who rent are overburdened in Isle.

Area Median Income In Isle

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 Isle, the AMI is calculated from all households within Mille Lacs County.

In Isle, HUD calculates the Area Median Income for a family of four as $65,200

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 Isle

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 Isle

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,300 $17,450 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $25,450 $29,050 $32,700 $36,300 $39,250 $42,150 $45,050 $47,950
80% of Median $40,700 $46,500 $52,300 $58,100 $62,750 $67,400 $72,050 $76,700