Low Income Apartments and Affordable Housing For Rent in Lake Village, AR

Discover affordable housing in Lake Village where there are 7+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Cypress Grove Homes of Lake Village

188 Cypress Street, Lake Village, Arkansas 71653

Chicot Lake Village Apartments

540 Mulberry St, Lake Village, Arkansas 71653

Old Lakeshore Apartments

201 N Lakeshore Dr, Lake Village, Arkansas 71653

Chicot Lake Apartments

920 Mulberry St, Lake Village, Arkansas 71653

Lakeside Apartments

628 Mulberry St, Lake Village, Arkansas 71653

Mulberry Manor Apartments

707 Mulberry St, Lake Village, Arkansas 71653

Country Place Apt

820 Mulberry Street, Lake Village, Arkansas

Open Until Further Notice

Reported On February 23rd, 2024 by Nathan Brunet

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Lake Village, Arkansas
$4.42 (+40%) more than Arkansas minimum wage and $8.17 (+113%) more than the Federal minimum wage.
Learn More About Lake Village, Arkansas Affordable Housing ↓

What HUD offices serve Lake Village, 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.

Operates the Section 8 Housing Choice Voucher (HCV) programs for Lake Village, Arkansas.

Go to the Arkansas Public Housing and Low-Income Apartments Waiting Lists page for openings near Lake Village.

How many renters live in Lake Village, Arkansas?

The City of Lake Village has 2,084 people living in 890 households.

There are 646 renters living in 315 renter households in this City. Renters make up 31 percent of the population living in Lake Village.

What is the rental market like in Lake Village, Arkansas?

There are an estimated 1,104 housing units in the Lake Village area. Of these, 393 units are rental homes, making up 36 percent of the housing market. For every renter household in Lake Village, Arkansas, there are 1 rental units.

What is the vacancy rate for rentals in Lake Village?

The rental vacancy rate in Lake Village is 20 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 Lake Village for each bedroom size?

Occupied Rental Units by Size in Lake Village
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
38 84 63 115 15
Occupied Rental Units by Size in Lake Village

A large number of apartments in Lake Village 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 Village are overburdened by housing costs?

Among renter households in this market, 43 percent have housing cost burden. Further, 15 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 Village

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $604 to $1,376. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $604
One BR $620
Two BR $814
Three BR $1,089
Four BR $1,376
2024 Fair Market Rents in Lake Village, Arkansas

How many units are rented at Fair Market Rent (FMR) in Lake Village?

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 30 79 percent
One BR 77 92 percent
Two BR 39 62 percent
Rental Units Below FMR in Lake Village, Arkansas

How many affordable rental units are in Lake Village?

There are a variety of federal affordable housing programs serving households in Lake Village, Arkansas including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 98
Section 8 Project-Based Rental Assistance 50
USDA Section 515 Rural Rental Housing 193
Tracked Units by Federal Program in Lake Village, Arkansas

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Lake Village, Arkansas

Lake Village features 237 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 Village, Arkansas

There are 37 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Village.

Housing Choice Vouchers in Lake Village, Arkansas

On average, Section 8 Housing Choice vouchers pay Lake Village landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake Village.

The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Village, Arkansas for a two-bedroom apartment is between $733 and $895.

Sourced from federal housing data and AffordableHousingOnline.com research.