Affordable Housing In Iowa Colony
Guide To Affordable Housing in Iowa Colony, Texas
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Iowa Colony, Texas.
Income Based Apartments in Iowa Colony, Texas
Iowa Colony features 0 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 Iowa Colony, Texas
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Iowa Colony.
Housing Choice Vouchers in Iowa Colony, Texas
On average, Section 8 Housing Choice vouchers pay Iowa Colony landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Iowa Colony.
The maximum amount a voucher would pay on behalf of a low-income tenant in Iowa Colony, Texas for a two-bedroom apartment is between $959 and $1,172.
2020 Iowa Colony, Texas Fair Market Rents and Housing Choice Voucher Payment Standards
Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.
|Studio||One BR||Two BR||Three BR||Four BR|
|Fair Market Rent||$716||$925||$1,065||$1,433||$1,870|
|Payment Standard Range||$644 to $788||$833 to $1,018||$959 to $1,172||$1,290 to $1,576||$1,683 to $2,057|
Sourced from federal housing data and AffordableHousingOnline.com research.
Iowa Colony, TX Affordable Housing Snapshot
|Total Affordable Apartment Properties||0|
|Total Low Income Apartments||0|
|Total Housing Units with Rental Assistance||0|
|Percentage of Housing Units Occupied By Renters||15.4%|
|Average Renter Household Size||3.58|
|Average Household Size||3.22|
|Median Household Income||$74,018 ±$7,071|
|Median Rent||$800 ±$339|
|Percentage Of Renters Overburdened||40.68% ± 24.39pp|
Population and Household Demographics
Iowa Colony is a city in Brazoria County, Texas with a population of 1,232. There are 383 households in the city with an average household size of 3.22 persons. 15.4% of households in Iowa Colony are renters.
Income and Rent Overburden in Iowa Colony
The median gross income for households in Iowa Colony is $74,018 a year, or $6,168 a month. The median rent for the city is $800 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Iowa Colony, a household making less than $2,667 a month would be considered overburdened when renting an apartment at or above the median rent. 40.68% of households who rent are overburdened in Iowa Colony.
Area Median Income In Iowa Colony
Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.
HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Iowa Colony, the AMI is calculated from all households within Brazoria County.
In Iowa Colony, HUD calculates the Area Median Income for a family of four as $104,200
Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.
Rental Assistance in Iowa Colony
Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.
Income Qualifications for HUD Rental Assistance in Iowa Colony
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$21,350||$24,400||$27,450||$30,500||$32,950||$35,400||$39,640||$44,120|
|50% of Median||$35,600||$40,650||$45,750||$50,800||$54,900||$58,950||$63,000||$67,100|
|80% of Median||$54,950||$62,800||$70,650||$78,500||$84,800||$91,100||$97,350||$103,650|