What HUD offices serve Prior 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 Prior Lake.
How many renters live in Prior Lake, Minnesota?
The City of Prior Lake has 27,608 people living in 10,021 households.
There are 2,578 renters living in 1,386 renter households in this City. Renters make up 9.34 percent of the population living in Prior Lake.
What is the rental market like in Prior Lake, Minnesota?
There are an estimated 10,318 housing units in the Prior Lake area. Of these, 1,396 units are rental homes, making up 14 percent of the housing market. For every renter household in Prior Lake, Minnesota, there are 1 rental units.
What is the vacancy rate for rentals in Prior Lake?
The rental vacancy rate in Prior Lake is 1 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 Prior Lake for each bedroom size?
Occupied Rental Units by Size in Prior Lake
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 76 | 485 | 490 | 211 | 109 |
Occupied Rental Units by Size in Prior Lake
A large number of apartments in Prior 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 Prior Lake are overburdened by housing costs?
Among renter households in this market, 51 percent have housing cost burden. Further, 29 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 Prior Lake
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,174 to $2,478. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,174 |
| One BR | $1,327 |
| Two BR | $1,622 |
| Three BR | $2,188 |
| Four BR | $2,478 |
2024 Fair Market Rents in Prior Lake, Minnesota
How many units are rented at Fair Market Rent (FMR) in Prior 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 | 68 | 89 percent |
| One BR | 190 | 39 percent |
| Two BR | 328 | 67 percent |
Rental Units Below FMR in Prior Lake, Minnesota
How many affordable rental units are in Prior Lake?
There are a variety of federal affordable housing programs serving households in Prior Lake, Minnesota including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 317 |
| Section 8 Project-Based Rental Assistance | 36 |
Tracked Units by Federal Program in Prior Lake, Minnesota
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Prior Lake, Minnesota
Prior Lake features 76 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 Prior Lake, Minnesota
There are 323 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Prior Lake.
Housing Choice Vouchers in Prior Lake, Minnesota
On average, Section 8 Housing Choice vouchers pay Prior Lake landlords $1,300 per month towards rent. The average voucher holder contributes $500 towards rent in Prior Lake.
The maximum amount a voucher would pay on behalf of a low-income tenant in Prior Lake, Minnesota for a two-bedroom apartment is between $1,460 and $1,784.
Sourced from federal housing data and AffordableHousingOnline.com research.
