Raintree West Apartments
Mountain Manor
- «
- 1
- »
There are 0 low-income apartments in Mountain Iron that offer reduced rents to eligible households. Low-income rents in Mountain Iron, Minnesota can range from $1 to $776 depending on the number of bedrooms.
Rental assistance programs support 171 low-income homes in Mountain Iron where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $-4 towards rent each month.
Affordable rent data for some communities last confirmed on April 23rd, 2021. Subdsidized rents typically change once a year based on federal guidance.
Mountain Iron, Minnesota Affordable Housing Data
Income Based Apartments in Mountain Iron, Minnesota
Mountain Iron features 171 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 Mountain Iron, Minnesota
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Mountain Iron.
Housing Choice Vouchers in Mountain Iron, Minnesota
On average, Section 8 Housing Choice vouchers pay Mountain Iron landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Mountain Iron.
The maximum amount a voucher would pay on behalf of a low-income tenant in Mountain Iron, Minnesota for a two-bedroom apartment is between $1,002 and $1,224.
2024 Mountain Iron, Minnesota 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 | |
|---|---|---|---|---|---|
| Mountain Iron, Minnesota Fair Market Rent | $762 | $868 | $1,113 | $1,485 | $1,889 |
| Mountain Iron, Minnesota Payment Standard Range | $686 to $838 | $781 to $955 | $1,002 to $1,224 | $1,337 to $1,634 | $1,700 to $2,078 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Mountain Iron, MN Affordable Housing Snapshot
| Total Affordable Apartment Properties | 2 |
|---|---|
| Total Low Income Apartments | 171 |
| Total Housing Units with Rental Assistance | 171 |
| Percentage of Housing Units Occupied By Renters | 40.09% |
| Average Renter Household Size | 1.72 |
| Average Household Size | 2.17 |
| Median Household Income | $50,703 ±$9,831 |
| Median Rent | $616 ±$184 |
| Percentage Of Renters Overburdened | 34.47% ± 15.42pp |
| Total Population | 2,873 |
Population and Household Demographics
Mountain Iron is a city in St Louis County, Minnesota with a population of 2,873. There are 1,317 households in the city with an average household size of 2.17 persons. 40.09% of households in Mountain Iron are renters.
Income and Rent Overburden in Mountain Iron
The median gross income for households in Mountain Iron is $50,703 a year, or $4,225 a month. The median rent for the city is $616 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Mountain Iron, a household making less than $2,053 a month would be considered overburdened when renting an apartment at or above the median rent. 34.47% of households who rent are overburdened in Mountain Iron.
Area Median Income In Mountain Iron
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 Mountain Iron, the AMI is calculated from all households within St Louis County.
In Mountain Iron, HUD calculates the Area Median Income for a family of four as $93,500
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 Mountain Iron
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 Mountain Iron
| 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 Mountain Iron AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$19,000 | $21,700 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Mountain Iron AMI may qualify for rental assistance programs that target Very Low Income households. |
$31,650 | $36,150 | $40,650 | $45,150 | $48,800 | $52,400 | $56,000 | $59,600 |
| 80% AMI Income Limits Renters earning up to 80% of the Mountain Iron AMI may qualify for rental assistance programs that target Low Income households. |
$50,600 | $57,800 | $65,050 | $72,250 | $78,050 | $83,850 | $89,600 | $95,400 |
© 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.