Low Income Apartments and Affordable Housing For Rent in Palmyra, MO

Discover affordable housing in Palmyra where there are 4+ 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.

Sherol Court Apartments

409 Sherol Crt, Palmyra, Missouri 63461

Anderson Estates Lp

1821 S Main St, Palmyra, Missouri 63461

Palmyra Rural Rental Housing Inc

502 Sunset Dr, Palmyra, Missouri 63461

Anderson Country Estates

RR 3, Palmyra, Missouri 63461

calendar_today Opened: Mar 21
Open Until Further Notice

Reported On March 21st, 2024 by Lorena Bentley

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Palmyra, Missouri
$15.68/hour
$3.38 (+27%) more than Missouri minimum wage and $8.43 (+116%) more than the Federal minimum wage.
Learn More About Palmyra, Missouri Affordable Housing ↓

What HUD offices serve Palmyra, Missouri?

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 Palmyra, Missouri.

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

How many renters live in Palmyra, Missouri?

The City of Palmyra has 3,613 people living in 1,433 households.

There are 812 renters living in 416 renter households in this City. Renters make up 22.47 percent of the population living in Palmyra.

What is the rental market like in Palmyra, Missouri?

There are an estimated 1,666 housing units in the Palmyra area. Of these, 556 units are rental homes, making up 33 percent of the housing market. For every renter household in Palmyra, Missouri, there are 1 rental units.

What is the vacancy rate for rentals in Palmyra?

The rental vacancy rate in Palmyra is 19 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 Palmyra for each bedroom size?

Occupied Rental Units by Size in Palmyra
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
10 96 218 59 33
Occupied Rental Units by Size in Palmyra

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

Among renter households in this market, 35 percent have housing cost burden. Further, 13 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 Palmyra

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $622 to $1,208. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $622
One BR $669
Two BR $828
Three BR $1,167
Four BR $1,208
2024 Fair Market Rents in Palmyra, Missouri

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

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 10 100 percent
One BR 73 76 percent
Two BR 101 46 percent
Rental Units Below FMR in Palmyra, Missouri

How many affordable rental units are in Palmyra?

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

Federal Program Unit Count
Low Income Housing Tax Credit 62
USDA Section 515 Rural Rental Housing 120
Tracked Units by Federal Program in Palmyra, Missouri

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

Income Based Apartments in Palmyra, Missouri

Palmyra features 120 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 Palmyra, Missouri

There are 24 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Palmyra.

Housing Choice Vouchers in Palmyra, Missouri

On average, Section 8 Housing Choice vouchers pay Palmyra landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Palmyra.

The maximum amount a voucher would pay on behalf of a low-income tenant in Palmyra, Missouri for a two-bedroom apartment is between $745 and $911.

Sourced from federal housing data and AffordableHousingOnline.com research.