How many renters live in Letcher, South Dakota?
The City of Letcher has 147 people living in 65 households.
There are 33 renters living in 12 renter households in this City. Renters make up 22.45 percent of the population living in Letcher.
What is the rental market like in Letcher, South Dakota?
There are an estimated 80 housing units in the Letcher area. Of these, 27 units are rental homes, making up 34 percent of the housing market. For every renter household in Letcher, South Dakota, there are 2 rental units.
What is the vacancy rate for rentals in Letcher?
The rental vacancy rate in Letcher is 41 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 Letcher for each bedroom size?
Occupied Rental Units by Size in Letcher
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 0 | 7 | 4 | 1 |
Occupied Rental Units by Size in Letcher
A large number of apartments in Letcher 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 Letcher are overburdened by housing costs?
Among renter households in this market, 50 percent have housing cost burden. Further, 42 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 Letcher
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $613 to $1,454. 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 | $1,275 |
| Four BR | $1,454 |
2024 Fair Market Rents in Letcher, South Dakota
How many units are rented at Fair Market Rent (FMR) in Letcher?
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 |
| Two BR | 5 | 71 percent |
Rental Units Below FMR in Letcher, South Dakota
How many affordable rental units are in Letcher?
Income Based Apartments in Letcher, South Dakota
Letcher features 0 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 Letcher, South Dakota
There are 4 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Letcher.
Housing Choice Vouchers in Letcher, South Dakota
On average, Section 8 Housing Choice vouchers pay Letcher landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Letcher.
The maximum amount a voucher would pay on behalf of a low-income tenant in Letcher, South Dakota for a two-bedroom apartment is between $815 and $996.
Sourced from federal housing data and AffordableHousingOnline.com research.
