Low Income Apartments and Affordable Housing For Rent in Oconomowoc, WI

Discover affordable housing in Oconomowoc 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.

Wilkinson Manor Jeffworth Apartments

919 Summit Ave, Oconomowoc, Wisconsin 53066

Breezewood Village

427 W 2nd St, Oconomowoc, Wisconsin 53066

Hickory View Commons

211 S Concord Rd, Oconomowoc, Wisconsin 53066

Berkshire-Oconomowoc Senior Apartments

210 S Main St, Oconomowoc, Wisconsin 53066

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 Oconomowoc, Wisconsin
$22.16/hour
$14.91 (+206%) more than Wisconsin minimum wage and $14.91 (+206%) more than the Federal minimum wage.
Learn More About Oconomowoc, Wisconsin Affordable Housing ↓

What HUD offices serve Oconomowoc, Wisconsin?

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 Oconomowoc, Wisconsin.
Operates the Section 8 Housing Choice Voucher (HCV) programs for Oconomowoc, Wisconsin.

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

How many renters live in Oconomowoc, Wisconsin?

The City of Oconomowoc has 18,178 people living in 7,566 households.

There are 3,863 renters living in 2,339 renter households in this City. Renters make up 21.25 percent of the population living in Oconomowoc.

What is the rental market like in Oconomowoc, Wisconsin?

There are an estimated 7,842 housing units in the Oconomowoc area. Of these, 2,515 units are rental homes, making up 32 percent of the housing market. For every renter household in Oconomowoc, Wisconsin, there are 1 rental units.

What is the vacancy rate for rentals in Oconomowoc?

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

Occupied Rental Units by Size in Oconomowoc
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
67 1,029 988 233 22
Occupied Rental Units by Size in Oconomowoc

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

Among renter households in this market, 51 percent have housing cost burden. Further, 28 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 Oconomowoc

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $845 to $1,592. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $845
One BR $979
Two BR $1,170
Three BR $1,460
Four BR $1,592
2024 Fair Market Rents in Oconomowoc, Wisconsin

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

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 397 39 percent
Two BR 463 47 percent
Rental Units Below FMR in Oconomowoc, Wisconsin

How many affordable rental units are in Oconomowoc?

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

Federal Program Unit Count
Low Income Housing Tax Credit 77
Section 8 Project-Based Rental Assistance 86
Tracked Units by Federal Program in Oconomowoc, Wisconsin

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

Income Based Apartments in Oconomowoc, Wisconsin

Oconomowoc features 149 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 Oconomowoc, Wisconsin

There are 5 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Oconomowoc.

Housing Choice Vouchers in Oconomowoc, Wisconsin

On average, Section 8 Housing Choice vouchers pay Oconomowoc landlords $600 per month towards rent. The average voucher holder contributes $400 towards rent in Oconomowoc.

The maximum amount a voucher would pay on behalf of a low-income tenant in Oconomowoc, Wisconsin for a two-bedroom apartment is between $1,053 and $1,287.

Sourced from federal housing data and AffordableHousingOnline.com research.