How many renters live in Lyman County, South Dakota?
The County of Lyman County has 3,719 people living in 1,204 households.
There are 1,312 renters living in 399 renter households in this County. Renters make up 35.28 percent of the population living in Lyman County.
What is the rental market like in Lyman County, South Dakota?
There are an estimated 1,560 housing units in the Lyman County area. Of these, 438 units are rental homes, making up 28 percent of the housing market. For every renter household in Lyman County, South Dakota, there are 1 rental units.
What is the vacancy rate for rentals in Lyman County?
The rental vacancy rate in Lyman County is 7 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 Lyman County for each bedroom size?
Occupied Rental Units by Size in Lyman County
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 2 | 30 | 156 | 159 | 47 |
Occupied Rental Units by Size in Lyman County
A large number of apartments in Lyman County 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 Lyman County are overburdened by housing costs?
Among renter households in this market, 26 percent have housing cost burden. Further, 18 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 Lyman County
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $613 to $1,536. 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 | $1,094 |
| Four BR | $1,536 |
2024 Fair Market Rents in Lyman County, South Dakota
How many units are rented at Fair Market Rent (FMR) in Lyman County?
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 | 0 | 100 percent |
| One BR | 28 | 93 percent |
| Two BR | 95 | 61 percent |
Rental Units Below FMR in Lyman County, South Dakota
How many affordable rental units are in Lyman County?
There are a variety of federal affordable housing programs serving households in Lyman County, South Dakota including the following:
| Federal Program | Unit Count |
| Public Housing | 16 |
| Section 8 Project-Based Rental Assistance | 8 |
Tracked Units by Federal Program in Lyman County, South Dakota
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Lyman County, South Dakota
Lyman County features 13 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 Lyman County, South Dakota
There are 16 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lyman County.
Housing Choice Vouchers in Lyman County, South Dakota
On average, Section 8 Housing Choice vouchers pay Lyman County landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lyman County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lyman County, South Dakota for a two-bedroom apartment is between $815 and $996.
Sourced from federal housing data and AffordableHousingOnline.com research.
