What HUD offices serve Lake City, Arkansas?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the Arkansas Public Housing and Low-Income Apartments Waiting Lists page for openings near Lake City.
How many renters live in Lake City, Arkansas?
The City of Lake City has 2,389 people living in 986 households.
There are 841 renters living in 372 renter households in this City. Renters make up 35.2 percent of the population living in Lake City.
What is the rental market like in Lake City, Arkansas?
There are an estimated 1,070 housing units in the Lake City area. Of these, 389 units are rental homes, making up 36 percent of the housing market. For every renter household in Lake City, Arkansas, there are 1 rental units.
What is the vacancy rate for rentals in Lake City?
The rental vacancy rate in Lake City is 1 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Lake City for each bedroom size?
Occupied Rental Units by Size in Lake City
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 12 | 21 | 209 | 106 | 24 |
Occupied Rental Units by Size in Lake City
A large number of apartments in Lake City 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 City are overburdened by housing costs?
Among renter households in this market, 23 percent have housing cost burden. Further, 7 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 City
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $634 to $1,560. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $634 |
| One BR | $767 |
| Two BR | $936 |
| Three BR | $1,226 |
| Four BR | $1,560 |
2024 Fair Market Rents in Lake City, Arkansas
How many units are rented at Fair Market Rent (FMR) in Lake City?
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 | 12 | 100 percent |
| One BR | 21 | 100 percent |
| Two BR | 103 | 49 percent |
Rental Units Below FMR in Lake City, Arkansas
How many affordable rental units are in Lake City?
There are a variety of federal affordable housing programs serving households in Lake City, Arkansas including the following:
| Federal Program | Unit Count |
| Public Housing | 40 |
Tracked Units by Federal Program in Lake City, Arkansas
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Lake City, Arkansas
Lake City features 40 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 City, Arkansas
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake City.
Housing Choice Vouchers in Lake City, Arkansas
On average, Section 8 Housing Choice vouchers pay Lake City landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake City.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake City, Arkansas for a two-bedroom apartment is between $842 and $1,030.
Sourced from federal housing data and AffordableHousingOnline.com research.
