How many renters live in Faulkton, South Dakota?
The City of Faulkton has 672 people living in 270 households.
There are 129 renters living in 74 renter households in this City. Renters make up 19.2 percent of the population living in Faulkton.
What is the rental market like in Faulkton, South Dakota?
There are an estimated 394 housing units in the Faulkton area. Of these, 107 units are rental homes, making up 27 percent of the housing market. For every renter household in Faulkton, South Dakota, there are 1 rental units.
What is the vacancy rate for rentals in Faulkton?
The rental vacancy rate in Faulkton is 31 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 Faulkton for each bedroom size?
Occupied Rental Units by Size in Faulkton
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 46 | 19 | 0 | 9 |
Occupied Rental Units by Size in Faulkton
A large number of apartments in Faulkton 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 Faulkton are overburdened by housing costs?
Among renter households in this market, 14 percent have housing cost burden. Further, 11 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 Faulkton
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $627 to $1,486. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $627 |
| One BR | $704 |
| Two BR | $925 |
| Three BR | $1,225 |
| Four BR | $1,486 |
2024 Fair Market Rents in Faulkton, South Dakota
How many units are rented at Fair Market Rent (FMR) in Faulkton?
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 | 4 | 9 percent |
| Two BR | 5 | 26 percent |
Rental Units Below FMR in Faulkton, South Dakota
How many affordable rental units are in Faulkton?
There are a variety of federal affordable housing programs serving households in Faulkton, South Dakota including the following:
| Federal Program | Unit Count |
| Section 8 Project-Based Rental Assistance | 12 |
Tracked Units by Federal Program in Faulkton, South Dakota
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Faulkton, South Dakota
Faulkton features 22 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 Faulkton, South Dakota
There are 16 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Faulkton.
Housing Choice Vouchers in Faulkton, South Dakota
On average, Section 8 Housing Choice vouchers pay Faulkton landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Faulkton.
The maximum amount a voucher would pay on behalf of a low-income tenant in Faulkton, South Dakota for a two-bedroom apartment is between $833 and $1,018.
Sourced from federal housing data and AffordableHousingOnline.com research.
