Low Income Apartments and Affordable Housing For Rent in Lake Benton, MN

Discover affordable housing in Lake Benton where there are 2+ 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.

Benton Valley Manor

111 Morton St S, Lake Benton, Minnesota 56149

Hole in the Mtn Apartments

103 Parkview Dr, Lake Benton, Minnesota 56149

Open Until Further Notice

Reported On February 23rd, 2024 by Nathan Brunet

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Lake Benton, Minnesota
$17.14/hour
$8.29 (+94%) more than Minnesota minimum wage and $9.89 (+136%) more than the Federal minimum wage.
Learn More About Lake Benton, Minnesota Affordable Housing ↓

What HUD offices serve Lake Benton, 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.

Operates the Section 8 Housing Choice Voucher (HCV), Public Housing programs for Lake Benton, Minnesota.
Operates the Public Housing programs for Lake Benton, Minnesota.
Operates the Public Housing programs for Lake Benton, Minnesota.

Go to the Minnesota Public Housing and Low-Income Apartments Waiting Lists page for openings near Lake Benton.

How many renters live in Lake Benton, Minnesota?

The City of Lake Benton has 658 people living in 322 households.

There are 126 renters living in 82 renter households in this City. Renters make up 19.15 percent of the population living in Lake Benton.

What is the rental market like in Lake Benton, Minnesota?

There are an estimated 387 housing units in the Lake Benton area. Of these, 93 units are rental homes, making up 24 percent of the housing market. For every renter household in Lake Benton, Minnesota, there are 1 rental units.

What is the vacancy rate for rentals in Lake Benton?

The rental vacancy rate in Lake Benton is 12 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 Benton for each bedroom size?

Occupied Rental Units by Size in Lake Benton
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 45 28 3 6
Occupied Rental Units by Size in Lake Benton

A large number of apartments in Lake Benton 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 Benton are overburdened by housing costs?

Among renter households in this market, 35 percent have housing cost burden. Further, 10 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 Benton

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $613 to $1,309. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $613
One BR $689
Two BR $905
Three BR $1,231
Four BR $1,309
2024 Fair Market Rents in Lake Benton, Minnesota

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

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 38 84 percent
Two BR 13 46 percent
Rental Units Below FMR in Lake Benton, Minnesota

How many affordable rental units are in Lake Benton?

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

Federal Program Unit Count
Public Housing 26
Tracked Units by Federal Program in Lake Benton, Minnesota

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

Income Based Apartments in Lake Benton, Minnesota

Lake Benton features 41 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 Benton, Minnesota

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

Housing Choice Vouchers in Lake Benton, Minnesota

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Benton, Minnesota for a two-bedroom apartment is between $815 and $996.

Sourced from federal housing data and AffordableHousingOnline.com research.