Low Income Apartments For Rent in Panora, IA

Rental assistance programs support 0 low-income homes in Panora where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $295 towards rent each month.

Affordable rent data for some communities last confirmed on June 7th, 2024. Subdsidized rents typically change once a year based on federal guidance.

Public Housing Agencies Serving Panora, Iowa

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.

Housing Authority	Programs
Region XII Regional Housing Authority	Section 8 Housing Choice Voucher (HCV); Family Self-Sufficiency

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

Panora, Iowa Affordable Housing Data

Income Based Apartments in Panora, Iowa

Panora 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 Panora, Iowa

There are 25 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Panora.

Housing Choice Vouchers in Panora, Iowa

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Panora, Iowa for a two-bedroom apartment is between $972 and $1,188.

2024 Panora, Iowa 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
Panora, Iowa Fair Market Rent	$833	$899	$1,080	$1,477	$1,481
Panora, Iowa Payment Standard Range	$750 to $916	$809 to $989	$972 to $1,188	$1,329 to $1,625	$1,333 to $1,629

Sourced from federal housing data and AffordableHousingOnline.com research.

Panora, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 2

Total Low Income Apartments 25

Total Housing Units with Rental Assistance 0

Percentage of Housing Units Occupied By Renters 30.41%

Average Renter Household Size 2.48

Average Household Size 2.45

Median Household Income $46,371 ±$4,649

Median Rent $671 ±$80

Percentage Of Renters Overburdened 46.97% ± 21.29pp

Total Population 1,117

Total Affordable Apartment Properties	2
Total Low Income Apartments	25
Total Housing Units with Rental Assistance	0
Percentage of Housing Units Occupied By Renters	30.41%
Average Renter Household Size	2.48
Average Household Size	2.45
Median Household Income	$46,371 ±$4,649
Median Rent	$671 ±$80
Percentage Of Renters Overburdened	46.97% ± 21.29pp
Total Population	1,117

Population and Household Demographics

Panora is a city in Guthrie County, Iowa with a population of 1,117. There are 434 households in the city with an average household size of 2.45 persons. 30.41% of households in Panora are renters.

Income and Rent Overburden in Panora

The median gross income for households in Panora is $46,371 a year, or $3,864 a month. The median rent for the city is $671 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Panora, a household making less than $2,237 a month would be considered overburdened when renting an apartment at or above the median rent. 46.97% of households who rent are overburdened in Panora.

Area Median Income In Panora

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 Panora, the AMI is calculated from all households within Guthrie County.

In Panora, HUD calculates the Area Median Income for a family of four as $105,600

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 Panora

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 Panora

	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person	7 Person	8 Person
30% AMI Income Limits Renters earning up to 30% of the Panora AMI may qualify for rental assistance programs that target Extremely Low Income households.	$21,950	$25,050	$28,200	$31,300	$35,140	$40,280	$45,420	$50,560
50% AMI Income Limits Renters earning up to 50% of the Panora AMI may qualify for rental assistance programs that target Very Low Income households.	$36,550	$41,750	$46,950	$52,150	$56,350	$60,500	$64,700	$68,850
80% AMI Income Limits Renters earning up to 80% of the Panora AMI may qualify for rental assistance programs that target Low Income households.	$58,450	$66,800	$75,150	$83,450	$90,150	$96,850	$103,500	$110,200