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

Discover affordable housing in Montgomery where there are 2+ 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.

Meadow Ridge

700 Ash Ave SE, Montgomery, Minnesota 56069

Park Manor

300 Oak Ave SE, Montgomery, Minnesota 56069

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 Montgomery, Minnesota
$21.02/hour
$12.17 (+138%) more than Minnesota minimum wage and $13.77 (+190%) more than the Federal minimum wage.
Learn More About Montgomery, Minnesota Affordable Housing ↓

What HUD offices serve Montgomery, 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 Public Housing programs for Montgomery, Minnesota.
Operates the Section 8 Housing Choice Voucher (HCV) programs for Montgomery, Minnesota.

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

How many renters live in Montgomery, Minnesota?

The City of Montgomery has 3,326 people living in 1,301 households.

There are 635 renters living in 286 renter households in this City. Renters make up 19.09 percent of the population living in Montgomery.

What is the rental market like in Montgomery, Minnesota?

There are an estimated 1,368 housing units in the Montgomery area. Of these, 311 units are rental homes, making up 23 percent of the housing market. For every renter household in Montgomery, Minnesota, there are 1 rental units.

What is the vacancy rate for rentals in Montgomery?

The rental vacancy rate in Montgomery is 0 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 Montgomery for each bedroom size?

Occupied Rental Units by Size in Montgomery
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
11 89 23 113 20
Occupied Rental Units by Size in Montgomery

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

Among renter households in this market, 56 percent have housing cost burden. Further, 12 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 Montgomery

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $804 to $1,758. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $804
One BR $845
Two BR $1,110
Three BR $1,564
Four BR $1,758
2024 Fair Market Rents in Montgomery, Minnesota

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

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 2 18 percent
One BR 35 39 percent
Two BR 23 100 percent
Rental Units Below FMR in Montgomery, Minnesota

How many affordable rental units are in Montgomery?

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

Federal Program Unit Count
Public Housing 31
USDA Section 515 Rural Rental Housing 24
Tracked Units by Federal Program in Montgomery, Minnesota

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

Income Based Apartments in Montgomery, Minnesota

Montgomery features 54 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 Montgomery, Minnesota

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

Housing Choice Vouchers in Montgomery, Minnesota

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Montgomery, Minnesota for a two-bedroom apartment is between $999 and $1,221.

Sourced from federal housing data and AffordableHousingOnline.com research.