How many renters live in Soda Springs, Idaho?
The City of Soda Springs has 3,124 people living in 1,213 households.
There are 683 renters living in 356 renter households in this City. Renters make up 21.86 percent of the population living in Soda Springs.
What is the rental market like in Soda Springs, Idaho?
There are an estimated 1,369 housing units in the Soda Springs area. Of these, 382 units are rental homes, making up 28 percent of the housing market. For every renter household in Soda Springs, Idaho, there are 1 rental units.
What is the vacancy rate for rentals in Soda Springs?
The rental vacancy rate in Soda Springs 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 Soda Springs for each bedroom size?
Occupied Rental Units by Size in Soda Springs
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 36 | 62 | 157 | 44 | 57 |
Occupied Rental Units by Size in Soda Springs
A large number of apartments in Soda Springs 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 Soda Springs are overburdened by housing costs?
Among renter households in this market, 56 percent have housing cost burden. Further, 35 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 Soda Springs
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $665 to $1,500. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $665 |
| One BR | $689 |
| Two BR | $905 |
| Three BR | $1,275 |
| Four BR | $1,500 |
2024 Fair Market Rents in Soda Springs, Idaho
How many units are rented at Fair Market Rent (FMR) in Soda Springs?
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 | 49 | 79 percent |
| Two BR | 138 | 88 percent |
Rental Units Below FMR in Soda Springs, Idaho
How many affordable rental units are in Soda Springs?
There are a variety of federal affordable housing programs serving households in Soda Springs, Idaho including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 24 |
| Section 8 Project-Based Rental Assistance | 33 |
Tracked Units by Federal Program in Soda Springs, Idaho
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Soda Springs, Idaho
Soda Springs features 56 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 Soda Springs, Idaho
There are 36 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Soda Springs.
Housing Choice Vouchers in Soda Springs, Idaho
On average, Section 8 Housing Choice vouchers pay Soda Springs landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Soda Springs.
The maximum amount a voucher would pay on behalf of a low-income tenant in Soda Springs, Idaho for a two-bedroom apartment is between $815 and $996.
Sourced from federal housing data and AffordableHousingOnline.com research.
