How many renters live in Tower, Minnesota?
The City of Tower has 410 people living in 192 households.
There are 56 renters living in 44 renter households in this City. Renters make up 13.66 percent of the population living in Tower.
What is the rental market like in Tower, Minnesota?
There are an estimated 274 housing units in the Tower area. Of these, 67 units are rental homes, making up 24 percent of the housing market. For every renter household in Tower, Minnesota, there are 2 rental units.
What is the vacancy rate for rentals in Tower?
The rental vacancy rate in Tower is 22 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Tower for each bedroom size?
Occupied Rental Units by Size in Tower
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 7 | 23 | 12 | 0 | 0 |
Occupied Rental Units by Size in Tower
A large number of apartments in Tower 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 Tower are overburdened by housing costs?
Among renter households in this market, 52 percent have housing cost burden. Further, 27 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 Tower
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $762 to $1,889. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $762 |
| One BR | $868 |
| Two BR | $1,113 |
| Three BR | $1,485 |
| Four BR | $1,889 |
2024 Fair Market Rents in Tower, Minnesota
How many units are rented at Fair Market Rent (FMR) in Tower?
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 | 0 | 100 percent |
| One BR | 23 | 100 percent |
| Two BR | 10 | 83 percent |
Rental Units Below FMR in Tower, Minnesota
How many affordable rental units are in Tower?
There are a variety of federal affordable housing programs serving households in Tower, Minnesota including the following:
| Federal Program | Unit Count |
| USDA Section 515 Rural Rental Housing | 52 |
Tracked Units by Federal Program in Tower, Minnesota
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Tower, Minnesota
Tower features 52 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 Tower, Minnesota
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Tower.
Housing Choice Vouchers in Tower, Minnesota
On average, Section 8 Housing Choice vouchers pay Tower landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Tower.
The maximum amount a voucher would pay on behalf of a low-income tenant in Tower, Minnesota for a two-bedroom apartment is between $1,002 and $1,224.
Sourced from federal housing data and AffordableHousingOnline.com research.
