How many renters live in Willow Lake, South Dakota?
The City of Willow Lake has 360 people living in 99 households.
There are 213 renters living in 41 renter households in this City. Renters make up 59.17 percent of the population living in Willow Lake.
What is the rental market like in Willow Lake, South Dakota?
There are an estimated 127 housing units in the Willow Lake area. Of these, 46 units are rental homes, making up 36 percent of the housing market. For every renter household in Willow Lake, South Dakota, there are 1 rental units.
What is the vacancy rate for rentals in Willow Lake?
The rental vacancy rate in Willow Lake is 11 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 Willow Lake for each bedroom size?
Occupied Rental Units by Size in Willow Lake
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 7 | 3 | 4 | 19 |
Occupied Rental Units by Size in Willow Lake
A large number of apartments in Willow 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 Willow Lake are overburdened by housing costs?
Among renter households in this market, 2 percent have housing cost burden. Further, 0 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 Willow Lake
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $613 to $1,325. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $613 |
| One BR | $693 |
| Two BR | $905 |
| Three BR | $1,105 |
| Four BR | $1,325 |
2024 Fair Market Rents in Willow Lake, South Dakota
How many units are rented at Fair Market Rent (FMR) in Willow 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 |
| One BR | 6 | 86 percent |
| Two BR | 3 | 100 percent |
Rental Units Below FMR in Willow Lake, South Dakota
How many affordable rental units are in Willow Lake?
There are a variety of federal affordable housing programs serving households in Willow Lake, South Dakota including the following:
| Federal Program | Unit Count |
| USDA Section 515 Rural Rental Housing | 12 |
Tracked Units by Federal Program in Willow Lake, South Dakota
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Willow Lake, South Dakota
Willow Lake features 12 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 Willow Lake, South Dakota
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Willow Lake.
Housing Choice Vouchers in Willow Lake, South Dakota
On average, Section 8 Housing Choice vouchers pay Willow Lake landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Willow Lake.
The maximum amount a voucher would pay on behalf of a low-income tenant in Willow Lake, South Dakota for a two-bedroom apartment is between $815 and $996.
Sourced from federal housing data and AffordableHousingOnline.com research.
