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

Discover affordable housing in Wells where there are 3+ 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.

Broadway Apartments

219 S Broadway, Wells, Minnesota 56097

Wellington Estates

400 4th Ave SW, Wells, Minnesota 56097

Eastown Apartments

365 2nd Ave NE, Wells, Minnesota 56097

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 Wells, Minnesota
$17.14/hour
$8.29 (+94%) more than Minnesota minimum wage and $9.89 (+136%) more than the Federal minimum wage.
Learn More About Wells, Minnesota Affordable Housing ↓

What HUD offices serve Wells, 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) programs for Wells, Minnesota.

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

How many renters live in Wells, Minnesota?

The City of Wells has 2,278 people living in 1,031 households.

There are 418 renters living in 210 renter households in this City. Renters make up 18.35 percent of the population living in Wells.

What is the rental market like in Wells, Minnesota?

There are an estimated 1,135 housing units in the Wells area. Of these, 210 units are rental homes, making up 19 percent of the housing market. For every renter household in Wells, Minnesota, there are 1 rental units.

What is the vacancy rate for rentals in Wells?

The rental vacancy rate in Wells 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 Wells for each bedroom size?

Occupied Rental Units by Size in Wells
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 76 77 16 16
Occupied Rental Units by Size in Wells

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

Among renter households in this market, 38 percent have housing cost burden. Further, 29 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 Wells

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $613 to $1,260. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $613
One BR $726
Two BR $905
Three BR $1,256
Four BR $1,260
2024 Fair Market Rents in Wells, Minnesota

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

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
One BR 68 89 percent
Two BR 54 70 percent
Rental Units Below FMR in Wells, Minnesota

How many affordable rental units are in Wells?

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

Federal Program Unit Count
Section 8 Project-Based Rental Assistance 35
Tracked Units by Federal Program in Wells, Minnesota

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

Income Based Apartments in Wells, Minnesota

Wells features 51 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 Wells, Minnesota

There are 14 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Wells.

Housing Choice Vouchers in Wells, Minnesota

On average, Section 8 Housing Choice vouchers pay Wells landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Wells.

The maximum amount a voucher would pay on behalf of a low-income tenant in Wells, Minnesota for a two-bedroom apartment is between $815 and $996.

Sourced from federal housing data and AffordableHousingOnline.com research.