Iowa's affordable housing options get tighter
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Iowa lost more than a quarter of its rental units priced under $600 compared to a decade ago, even after adjusting for inflation.
Why it matters: People with safe, stable, and reasonably priced homes are better able to maintain employment, support their families, pursue education and contribute to the local economy.
- Conversely, housing instability — often driven by high costs — can create a cycle of hardship that impacts both individuals and the wider community.
By the numbers: In 2013, almost 143,000 units across Iowa were priced under $600, per a report by Harvard's Joint Center for Housing Studies.
- By 2023, the state's number of units in that price range (adjusted for inflation) had fallen to about 105,500.
- The count of units between $600 and $999 stayed consistent at about 163,000.
Zoom in: The number of units with rents of $1,000 or more grew by at least 25%.
Reality check: The surge in high-end apartments can still benefit lower-income renters, the researchers noted.
- For one, areas with a lot of new construction over the past few years saw rent increases slow or outright decline.
- And when higher earners move up, older, more affordable units may become available.
The big picture: Affordable apartments are vanishing across the country.
What we're watching: How Des Moines' first citywide housing strategy, adopted last month, influences future affordable housing options.