How many renters live in Timber Lake, South Dakota?
The City of Timber Lake has 627 people living in 244 households.
There are 167 renters living in 90 renter households in this City. Renters make up 26.63 percent of the population living in Timber Lake.
What is the rental market like in Timber Lake, South Dakota?
There are an estimated 278 housing units in the Timber Lake area. Of these, 106 units are rental homes, making up 38 percent of the housing market. For every renter household in Timber Lake, South Dakota, there are 1 rental units.
What is the vacancy rate for rentals in Timber Lake?
The rental vacancy rate in Timber Lake is 12 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 Timber Lake for each bedroom size?
Occupied Rental Units by Size in Timber Lake
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 1 | 50 | 17 | 11 | 8 |
Occupied Rental Units by Size in Timber Lake
A large number of apartments in Timber 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 Timber Lake are overburdened by housing costs?
Among renter households in this market, 17 percent have housing cost burden. Further, 10 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 Timber Lake
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $613 to $1,226. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $613 |
| One BR | $806 |
| Two BR | $905 |
| Three BR | $1,195 |
| Four BR | $1,226 |
2024 Fair Market Rents in Timber Lake, South Dakota
How many units are rented at Fair Market Rent (FMR) in Timber 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 | 1 | 100 percent |
| One BR | 44 | 88 percent |
| Two BR | 14 | 82 percent |
Rental Units Below FMR in Timber Lake, South Dakota
How many affordable rental units are in Timber Lake?
There are a variety of federal affordable housing programs serving households in Timber Lake, South Dakota including the following:
| Federal Program | Unit Count |
| USDA Section 515 Rural Rental Housing | 8 |
Tracked Units by Federal Program in Timber Lake, South Dakota
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Timber Lake, South Dakota
Timber Lake features 8 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 Timber Lake, South Dakota
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Timber Lake.
Housing Choice Vouchers in Timber Lake, South Dakota
On average, Section 8 Housing Choice vouchers pay Timber Lake landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Timber Lake.
The maximum amount a voucher would pay on behalf of a low-income tenant in Timber Lake, South Dakota for a two-bedroom apartment is between $815 and $996.
Sourced from federal housing data and AffordableHousingOnline.com research.
