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There are 0 low-income apartments in Iowa Park that offer reduced rents to eligible households.
Rental assistance programs support 72 low-income homes in Iowa Park 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 June 7th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Iowa Park, Texas Affordable Housing Data
Income Based Apartments in Iowa Park, Texas
Iowa Park features 72 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 Park, Texas
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Iowa Park.
Housing Choice Vouchers in Iowa Park, Texas
On average, Section 8 Housing Choice vouchers pay Iowa Park landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Iowa Park.
The maximum amount a voucher would pay on behalf of a low-income tenant in Iowa Park, Texas for a two-bedroom apartment is between $933 and $1,141.
2024 Iowa Park, 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 | |
|---|---|---|---|---|---|
| Iowa Park, Texas Fair Market Rent | $800 | $843 | $1,037 | $1,418 | $1,611 |
| Iowa Park, Texas Payment Standard Range | $720 to $880 | $759 to $927 | $933 to $1,141 | $1,276 to $1,560 | $1,450 to $1,772 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Iowa Park, TX Affordable Housing Snapshot
| Total Affordable Apartment Properties | 2 |
|---|---|
| Total Low Income Apartments | 72 |
| Total Housing Units with Rental Assistance | 72 |
| Percentage of Housing Units Occupied By Renters | 21.3% |
| Average Renter Household Size | 2.36 |
| Average Household Size | 2.54 |
| Median Household Income | $45,208 ±$6,044 |
| Median Rent | $846 ±$56 |
| Percentage Of Renters Overburdened | 33.52% ± 12.75pp |
| Total Population | 6,386 |
Population and Household Demographics
Iowa Park is a city in Wichita County, Texas with a population of 6,386. There are 2,493 households in the city with an average household size of 2.54 persons. 21.3% of households in Iowa Park are renters.
Income and Rent Overburden in Iowa Park
The median gross income for households in Iowa Park is $45,208 a year, or $3,767 a month. The median rent for the city is $846 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Iowa Park, a household making less than $2,820 a month would be considered overburdened when renting an apartment at or above the median rent. 33.52% of households who rent are overburdened in Iowa Park.
Area Median Income In Iowa Park
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 Park, the AMI is calculated from all households within Wichita County.
In Iowa Park, HUD calculates the Area Median Income for a family of four as $83,800
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 Park
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 Park
| 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 Iowa Park AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$16,850 | $19,720 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Iowa Park AMI may qualify for rental assistance programs that target Very Low Income households. |
$28,050 | $32,050 | $36,050 | $40,050 | $43,300 | $46,500 | $49,700 | $52,900 |
| 80% AMI Income Limits Renters earning up to 80% of the Iowa Park AMI may qualify for rental assistance programs that target Low Income households. |
$44,900 | $51,300 | $57,700 | $64,100 | $69,250 | $74,400 | $79,500 | $84,650 |
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