What HUD offices serve Buffalo Lake, Minnesota?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the Minnesota Public Housing and Low-Income Apartments Waiting Lists page for openings near Buffalo Lake.
How many renters live in Buffalo Lake, Minnesota?
The City of Buffalo Lake has 568 people living in 215 households.
There are 78 renters living in 62 renter households in this City. Renters make up 13.73 percent of the population living in Buffalo Lake.
What is the rental market like in Buffalo Lake, Minnesota?
There are an estimated 267 housing units in the Buffalo Lake area. Of these, 68 units are rental homes, making up 25 percent of the housing market. For every renter household in Buffalo Lake, Minnesota, there are 1 rental units.
What is the vacancy rate for rentals in Buffalo Lake?
The rental vacancy rate in Buffalo Lake is 9 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 Buffalo Lake for each bedroom size?
Occupied Rental Units by Size in Buffalo Lake
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 7 | 19 | 23 | 10 | 3 |
Occupied Rental Units by Size in Buffalo Lake
A large number of apartments in Buffalo Lake 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 Buffalo Lake are overburdened by housing costs?
Among renter households in this market, 52 percent have housing cost burden. Further, 34 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 Buffalo Lake
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $738 to $1,488. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $738 |
| One BR | $742 |
| Two BR | $905 |
| Three BR | $1,275 |
| Four BR | $1,488 |
2024 Fair Market Rents in Buffalo Lake, Minnesota
How many units are rented at Fair Market Rent (FMR) in Buffalo Lake?
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 | 0 | 100 percent |
| One BR | 11 | 58 percent |
| Two BR | 9 | 39 percent |
Rental Units Below FMR in Buffalo Lake, Minnesota
How many affordable rental units are in Buffalo Lake?
There are a variety of federal affordable housing programs serving households in Buffalo Lake, Minnesota including the following:
| Federal Program | Unit Count |
| USDA Section 515 Rural Rental Housing | 12 |
Tracked Units by Federal Program in Buffalo Lake, Minnesota
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Buffalo Lake, Minnesota
Buffalo Lake features 12 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 Buffalo Lake, Minnesota
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Buffalo Lake.
Housing Choice Vouchers in Buffalo Lake, Minnesota
On average, Section 8 Housing Choice vouchers pay Buffalo Lake landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Buffalo Lake.
The maximum amount a voucher would pay on behalf of a low-income tenant in Buffalo Lake, Minnesota for a two-bedroom apartment is between $815 and $996.
Sourced from federal housing data and AffordableHousingOnline.com research.
