Low Income Apartments and Affordable Housing For Rent in Lake City, MI

Discover affordable housing in Lake City where there are 1+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Lake City Apts

801 S King St, Lake City, Michigan

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Lake City, Michigan
$17.78/hour
$7.45 (+72%) more than Michigan minimum wage and $10.53 (+145%) more than the Federal minimum wage.
Learn More About Lake City, Michigan Affordable Housing ↓

How many renters live in Lake City, Michigan?

The City of Lake City has 702 people living in 265 households.

There are 129 renters living in 64 renter households in this City. Renters make up 18.38 percent of the population living in Lake City.

What is the rental market like in Lake City, Michigan?

There are an estimated 379 housing units in the Lake City area. Of these, 77 units are rental homes, making up 20 percent of the housing market. For every renter household in Lake City, Michigan, there are 1 rental units.

What is the vacancy rate for rentals in Lake City?

The rental vacancy rate in Lake City is 17 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.

How many rental units are in Lake City for each bedroom size?

Occupied Rental Units by Size in Lake City
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
3 30 12 4 15
Occupied Rental Units by Size in Lake City

A large number of apartments in Lake City have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Lake City are overburdened by housing costs?

Among renter households in this market, 56 percent have housing cost burden. Further, 16 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Lake City

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $656 to $1,251. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $656
One BR $715
Two BR $939
Three BR $1,143
Four BR $1,251
2024 Fair Market Rents in Lake City, Michigan

How many units are rented at Fair Market Rent (FMR) in Lake City?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
Studio 2 67 percent
One BR 28 93 percent
Two BR 7 58 percent
Rental Units Below FMR in Lake City, Michigan

How many affordable rental units are in Lake City?

There are a variety of federal affordable housing programs serving households in Lake City, Michigan including the following:

Federal Program Unit Count
USDA Section 515 Rural Rental Housing 18
Tracked Units by Federal Program in Lake City, Michigan

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Lake City, Michigan

Lake City features 18 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 Lake City, Michigan

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake City.

Housing Choice Vouchers in Lake City, Michigan

On average, Section 8 Housing Choice vouchers pay Lake City landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake City.

The maximum amount a voucher would pay on behalf of a low-income tenant in Lake City, Michigan for a two-bedroom apartment is between $845 and $1,033.

Sourced from federal housing data and AffordableHousingOnline.com research.