Low Income Apartments and Affordable Housing For Rent in Mankato, MN

Discover affordable housing in Mankato where there are 17+ 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.

Open Until Further Notice

Reported On February 23rd, 2024 by Chris Madden

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Mankato, Minnesota
$20.85/hour
$12.00 (+136%) more than Minnesota minimum wage and $13.60 (+188%) more than the Federal minimum wage.
Learn More About Mankato, Minnesota Affordable Housing ↓

What HUD offices serve Mankato, Minnesota?

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 Section 8 Housing Choice Voucher (HCV), Public Housing, Homeownership Voucher, Family Self-Sufficiency, Veteran Affairs Supportive Housing (VASH), Mainstream Voucher programs for Mankato, Minnesota.
Operates the Section 8 Housing Choice Voucher (HCV), Public Housing programs for Mankato, Minnesota.

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

How many renters live in Mankato, Minnesota?

The City of Mankato has 44,444 people living in 17,605 households.

There are 18,883 renters living in 8,879 renter households in this City. Renters make up 42.49 percent of the population living in Mankato.

What is the rental market like in Mankato, Minnesota?

There are an estimated 18,951 housing units in the Mankato area. Of these, 9,639 units are rental homes, making up 51 percent of the housing market. For every renter household in Mankato, Minnesota, there are 1 rental units.

What is the vacancy rate for rentals in Mankato?

The rental vacancy rate in Mankato is 5 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 Mankato for each bedroom size?

Occupied Rental Units by Size in Mankato
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
729 1,759 3,229 2,081 761
Occupied Rental Units by Size in Mankato

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

Among renter households in this market, 49 percent have housing cost burden. Further, 25 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 Mankato

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $897 to $1,868. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $897
One BR $903
Two BR $1,101
Three BR $1,552
Four BR $1,868
2024 Fair Market Rents in Mankato, Minnesota

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

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 497 68 percent
One BR 1,137 65 percent
Two BR 1,588 49 percent
Rental Units Below FMR in Mankato, Minnesota

How many affordable rental units are in Mankato?

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

Federal Program Unit Count
Low Income Housing Tax Credit 532
Public Housing 179
Section 8 Project-Based Rental Assistance 432
Tracked Units by Federal Program in Mankato, Minnesota

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

Income Based Apartments in Mankato, Minnesota

Mankato features 702 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 Mankato, Minnesota

There are 456 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Mankato.

Housing Choice Vouchers in Mankato, Minnesota

On average, Section 8 Housing Choice vouchers pay Mankato landlords $500 per month towards rent. The average voucher holder contributes $400 towards rent in Mankato.

The maximum amount a voucher would pay on behalf of a low-income tenant in Mankato, Minnesota for a two-bedroom apartment is between $991 and $1,211.

Sourced from federal housing data and AffordableHousingOnline.com research.