Apply to Red Oak Apartment Waiting Lists
- «
- 1
- »
There are 48 low-income apartments in Red Oak that offer reduced rents to eligible households.
Rental assistance programs support 130 low-income homes in Red Oak where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $275 towards rent each month.
Affordable rent data for some communities last confirmed on June 24th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Red Oak, 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 |
|---|---|
| Low Rent Housing Agency of Red Oak | Public Housing; Section 8 Project-Based Voucher (PBV) |
| Southern Iowa Regional Housing Authority | Section 8 Housing Choice Voucher (HCV); Public Housing |
Red Oak, Iowa Affordable Housing Data
Income Based Apartments in Red Oak, Iowa
Red Oak features 130 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 Red Oak, Iowa
There are 48 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Red Oak.
Housing Choice Vouchers in Red Oak, Iowa
On average, Section 8 Housing Choice vouchers pay Red Oak landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Red Oak.
The maximum amount a voucher would pay on behalf of a low-income tenant in Red Oak, Iowa for a two-bedroom apartment is between $776 and $948.
2024 Red Oak, 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 | |
|---|---|---|---|---|---|
| Red Oak, Iowa Fair Market Rent | $630 | $750 | $862 | $1,042 | $1,199 |
| Red Oak, Iowa Payment Standard Range | $567 to $693 | $675 to $825 | $776 to $948 | $938 to $1,146 | $1,079 to $1,319 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Red Oak, IA Affordable Housing Snapshot
| Total Affordable Apartment Properties | 6 |
|---|---|
| Total Low Income Apartments | 179 |
| Total Housing Units with Rental Assistance | 130 |
| Percentage of Housing Units Occupied By Renters | 37.51% |
| Average Renter Household Size | 2.32 |
| Average Household Size | 2.18 |
| Median Household Income | $31,943 ±$4,112 |
| Median Rent | $646 ±$137 |
| Percentage Of Renters Overburdened | 46.33% ± 11.64pp |
| Total Population | 5,588 |
Population and Household Demographics
Red Oak is a city in Montgomery County, Iowa with a population of 5,588. There are 2,503 households in the city with an average household size of 2.18 persons. 37.51% of households in Red Oak are renters.
Income and Rent Overburden in Red Oak
The median gross income for households in Red Oak is $31,943 a year, or $2,662 a month. The median rent for the city is $646 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Red Oak, a household making less than $2,153 a month would be considered overburdened when renting an apartment at or above the median rent. 46.33% of households who rent are overburdened in Red Oak.
Area Median Income In Red Oak
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 Red Oak, the AMI is calculated from all households within Montgomery County.
In Red Oak, HUD calculates the Area Median Income for a family of four as $77,700
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 Red Oak
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 Red Oak
| 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 Red Oak AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$17,550 | $20,050 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Red Oak AMI may qualify for rental assistance programs that target Very Low Income households. |
$29,250 | $33,400 | $37,600 | $41,750 | $45,100 | $48,450 | $51,800 | $55,150 |
| 80% AMI Income Limits Renters earning up to 80% of the Red Oak AMI may qualify for rental assistance programs that target Low Income households. |
$46,800 | $53,450 | $60,150 | $66,800 | $72,150 | $77,500 | $82,850 | $88,200 |
© 2002-2024 ApartmentSmart.com, Inc.
Affordable Housing Online is not affiliated with any housing authority or apartment community, and does not manage any affordable housing programs.