Low Income Apartments and Affordable Housing For Rent in Lake Preston, SD

Discover affordable housing in Lake Preston where there are 3+ 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.

Lake Preston Housing

100 2nd St NE, Lake Preston, South Dakota 57249

Su - Ra Apartments

300 Spring Ave N, Lake Preston, South Dakota 57249

South Dakota - Lake Preston Housing

105 Main Ave N, Lake Preston, South Dakota 57249

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Lake Preston, South Dakota
$18.45/hour
$7.25 (+65%) more than South Dakota minimum wage and $11.20 (+154%) more than the Federal minimum wage.
Learn More About Lake Preston, South Dakota Affordable Housing ↓

How many renters live in Lake Preston, South Dakota?

The City of Lake Preston has 548 people living in 245 households.

There are 113 renters living in 83 renter households in this City. Renters make up 20.62 percent of the population living in Lake Preston.

What is the rental market like in Lake Preston, South Dakota?

There are an estimated 293 housing units in the Lake Preston area. Of these, 102 units are rental homes, making up 35 percent of the housing market. For every renter household in Lake Preston, South Dakota, there are 1 rental units.

What is the vacancy rate for rentals in Lake Preston?

The rental vacancy rate in Lake Preston is 13 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 Preston for each bedroom size?

Occupied Rental Units by Size in Lake Preston
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
31 13 32 5 2
Occupied Rental Units by Size in Lake Preston

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

Among renter households in this market, 55 percent have housing cost burden. Further, 24 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 Preston

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $660 to $1,565. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $660
One BR $741
Two BR $974
Three BR $1,178
Four BR $1,565
2024 Fair Market Rents in Lake Preston, South Dakota

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

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 19 61 percent
One BR 13 100 percent
Two BR 31 97 percent
Rental Units Below FMR in Lake Preston, South Dakota

How many affordable rental units are in Lake Preston?

There are a variety of federal affordable housing programs serving households in Lake Preston, South Dakota including the following:

Federal Program Unit Count
USDA Section 515 Rural Rental Housing 32
Tracked Units by Federal Program in Lake Preston, South Dakota

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

Income Based Apartments in Lake Preston, South Dakota

Lake Preston features 32 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 Preston, South Dakota

There are 16 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Preston.

Housing Choice Vouchers in Lake Preston, South Dakota

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Preston, South Dakota for a two-bedroom apartment is between $877 and $1,071.

Sourced from federal housing data and AffordableHousingOnline.com research.