Low Income Apartments and Affordable Housing For Rent in New Hope, MN

Discover affordable housing in New Hope 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.

North Park Plaza

8201 45th Ave N , New Hope, Minnesota 55428

Winnetka West

8151 45th Ave N, New Hope, Minnesota 55428

Linden Place Apartments

5501 Boone Ave N, New Hope, Minnesota 55428

Bass Lake Townhomes

7300 Bass Lake Rd, New Hope, Minnesota 55428

Bass Lake Apartments

7610 Bass Lake Rd, New Hope, Minnesota 55428

Park Acres Apartments and Townhomes

8007 Bass Lake Road, New Hope, Minnesota 55428

Compass Pointe

6113 W Broadway, New Hope, Minnesota 55428

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In New Hope, Minnesota
$30.72/hour
$21.87 (+247%) more than Minnesota minimum wage and $23.47 (+324%) more than the Federal minimum wage.
Learn More About New Hope, Minnesota Affordable Housing ↓

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

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

How many renters live in New Hope, Minnesota?

The City of New Hope has 21,620 people living in 9,120 households.

There are 8,295 renters living in 4,252 renter households in this City. Renters make up 38.37 percent of the population living in New Hope.

What is the rental market like in New Hope, Minnesota?

There are an estimated 9,385 housing units in the New Hope area. Of these, 4,489 units are rental homes, making up 48 percent of the housing market. For every renter household in New Hope, Minnesota, there are 1 rental units.

What is the vacancy rate for rentals in New Hope?

The rental vacancy rate in New Hope 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 New Hope for each bedroom size?

Occupied Rental Units by Size in New Hope
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
184 1,895 1,492 565 106
Occupied Rental Units by Size in New Hope

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

Among renter households in this market, 57 percent have housing cost burden. Further, 26 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 New Hope

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,174 to $2,478. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $1,174
One BR $1,327
Two BR $1,622
Three BR $2,188
Four BR $2,478
2024 Fair Market Rents in New Hope, Minnesota

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

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 93 51 percent
One BR 1,351 71 percent
Two BR 1,286 86 percent
Rental Units Below FMR in New Hope, Minnesota

How many affordable rental units are in New Hope?

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

Federal Program Unit Count
Low Income Housing Tax Credit 129
Public Housing 5
Section 8 Project-Based Rental Assistance 172
Tracked Units by Federal Program in New Hope, Minnesota

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

Income Based Apartments in New Hope, Minnesota

New Hope features 217 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 New Hope, Minnesota

There are 148 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in New Hope.

Housing Choice Vouchers in New Hope, Minnesota

On average, Section 8 Housing Choice vouchers pay New Hope landlords $900 per month towards rent. The average voucher holder contributes $500 towards rent in New Hope.

The maximum amount a voucher would pay on behalf of a low-income tenant in New Hope, Minnesota for a two-bedroom apartment is between $1,460 and $1,784.

Sourced from federal housing data and AffordableHousingOnline.com research.