How many renters live in Skidway Lake, Michigan?
The City of Skidway Lake has 2,880 people living in 1,255 households.
There are 458 renters living in 245 renter households in this City. Renters make up 15.9 percent of the population living in Skidway Lake.
What is the rental market like in Skidway Lake, Michigan?
There are an estimated 2,330 housing units in the Skidway Lake area. Of these, 245 units are rental homes, making up 11 percent of the housing market. For every renter household in Skidway Lake, Michigan, there are 1 rental units.
What is the vacancy rate for rentals in Skidway Lake?
The rental vacancy rate in Skidway Lake is 0 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 Skidway Lake for each bedroom size?
Occupied Rental Units by Size in Skidway Lake
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 69 | 125 | 43 | 8 |
Occupied Rental Units by Size in Skidway Lake
A large number of apartments in Skidway 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 Skidway Lake are overburdened by housing costs?
Among renter households in this market, 60 percent have housing cost burden. Further, 41 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 Skidway Lake
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $636 to $1,205. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $636 |
| One BR | $806 |
| Two BR | $905 |
| Three BR | $1,101 |
| Four BR | $1,205 |
2024 Fair Market Rents in Skidway Lake, Michigan
How many units are rented at Fair Market Rent (FMR) in Skidway 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 | 36 | 52 percent |
| Two BR | 61 | 49 percent |
Rental Units Below FMR in Skidway Lake, Michigan
How many affordable rental units are in Skidway Lake?
Income Based Apartments in Skidway Lake, Michigan
Skidway Lake features 34 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 Skidway Lake, Michigan
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Skidway Lake.
Housing Choice Vouchers in Skidway Lake, Michigan
On average, Section 8 Housing Choice vouchers pay Skidway Lake landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Skidway Lake.
The maximum amount a voucher would pay on behalf of a low-income tenant in Skidway Lake, Michigan for a two-bedroom apartment is between $815 and $996.
Sourced from federal housing data and AffordableHousingOnline.com research.
