Bayfield Co Housing Redevelop - Rd, Llc
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There are 0 low-income apartments in Iron River that offer reduced rents to eligible households.
Rental assistance programs support 48 low-income homes in Iron River 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 October 30th, 2019. Subdsidized rents typically change once a year based on federal guidance.
Iron River, Wisconsin Affordable Housing Data
Income Based Apartments in Iron River, Wisconsin
Iron River features 48 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 Iron River, Wisconsin
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Iron River.
Housing Choice Vouchers in Iron River, Wisconsin
On average, Section 8 Housing Choice vouchers pay Iron River landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Iron River.
The maximum amount a voucher would pay on behalf of a low-income tenant in Iron River, Wisconsin for a two-bedroom apartment is between $815 and $996.
2024 Iron River, Wisconsin 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 | |
|---|---|---|---|---|---|
| Iron River, Wisconsin Fair Market Rent | $733 | $738 | $905 | $1,201 | $1,205 |
| Iron River, Wisconsin Payment Standard Range | $660 to $806 | $664 to $812 | $815 to $996 | $1,081 to $1,321 | $1,085 to $1,326 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Iron River, WI Affordable Housing Snapshot
| Total Affordable Apartment Properties | 1 |
|---|---|
| Total Low Income Apartments | 48 |
| Total Housing Units with Rental Assistance | 48 |
| Percentage of Housing Units Occupied By Renters | 28.32% |
| Average Renter Household Size | 1.85 |
| Average Household Size | 2.12 |
| Median Household Income | $36,932 ±$3,143 |
| Median Rent | $558 ±$127 |
| Percentage Of Renters Overburdened | 30.21% ± 12.93pp |
| Total Population | 719 |
Population and Household Demographics
Iron River is a city in Bayfield County, Wisconsin with a population of 719. There are 339 households in the city with an average household size of 2.12 persons. 28.32% of households in Iron River are renters.
Income and Rent Overburden in Iron River
The median gross income for households in Iron River is $36,932 a year, or $3,078 a month. The median rent for the city is $558 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Iron River, a household making less than $1,860 a month would be considered overburdened when renting an apartment at or above the median rent. 30.21% of households who rent are overburdened in Iron River.
Area Median Income In Iron River
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 Iron River, the AMI is calculated from all households within Bayfield County.
In Iron River, HUD calculates the Area Median Income for a family of four as $82,300
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 Iron River
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 Iron River
| 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 Iron River AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$17,850 | $20,400 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Iron River AMI may qualify for rental assistance programs that target Very Low Income households. |
$29,750 | $34,000 | $38,250 | $42,500 | $45,900 | $49,300 | $52,700 | $56,100 |
| 80% AMI Income Limits Renters earning up to 80% of the Iron River AMI may qualify for rental assistance programs that target Low Income households. |
$47,600 | $54,400 | $61,200 | $68,000 | $73,450 | $78,900 | $84,350 | $89,800 |
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