How many renters live in Hoyt Lakes, Minnesota?
The City of Hoyt Lakes has 2,095 people living in 851 households.
There are 136 renters living in 64 renter households in this City. Renters make up 6.49 percent of the population living in Hoyt Lakes.
What is the rental market like in Hoyt Lakes, Minnesota?
There are an estimated 948 housing units in the Hoyt Lakes area. Of these, 64 units are rental homes, making up 7 percent of the housing market. For every renter household in Hoyt Lakes, Minnesota, there are 1 rental units.
What is the vacancy rate for rentals in Hoyt Lakes?
The rental vacancy rate in Hoyt Lakes is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Hoyt Lakes for each bedroom size?
Occupied Rental Units by Size in Hoyt Lakes
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 15 | 5 | 39 | 5 |
Occupied Rental Units by Size in Hoyt Lakes
A large number of apartments in Hoyt Lakes 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 Hoyt Lakes are overburdened by housing costs?
Among renter households in this market, 36 percent have housing cost burden. Further, 13 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 Hoyt Lakes
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $762 to $1,889. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $762 |
| One BR | $868 |
| Two BR | $1,113 |
| Three BR | $1,485 |
| Four BR | $1,889 |
2024 Fair Market Rents in Hoyt Lakes, Minnesota
How many units are rented at Fair Market Rent (FMR) in Hoyt Lakes?
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 |
| One BR | 15 | 100 percent |
| Two BR | 5 | 100 percent |
Rental Units Below FMR in Hoyt Lakes, Minnesota
How many affordable rental units are in Hoyt Lakes?
There are a variety of federal affordable housing programs serving households in Hoyt Lakes, Minnesota including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 23 |
Tracked Units by Federal Program in Hoyt Lakes, Minnesota
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Hoyt Lakes, Minnesota
Hoyt Lakes features 24 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 Hoyt Lakes, Minnesota
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Hoyt Lakes.
Housing Choice Vouchers in Hoyt Lakes, Minnesota
On average, Section 8 Housing Choice vouchers pay Hoyt Lakes landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Hoyt Lakes.
The maximum amount a voucher would pay on behalf of a low-income tenant in Hoyt Lakes, Minnesota for a two-bedroom apartment is between $1,002 and $1,224.
Sourced from federal housing data and AffordableHousingOnline.com research.
