What HUD offices serve Lake Park, Minnesota?
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 Minnesota Public Housing and Low-Income Apartments Waiting Lists page for openings near Lake Park.
How many renters live in Lake Park, Minnesota?
The City of Lake Park has 602 people living in 245 households.
There are 58 renters living in 32 renter households in this City. Renters make up 9.63 percent of the population living in Lake Park.
What is the rental market like in Lake Park, Minnesota?
There are an estimated 263 housing units in the Lake Park area. Of these, 35 units are rental homes, making up 13 percent of the housing market. For every renter household in Lake Park, Minnesota, there are 1 rental units.
What is the vacancy rate for rentals in Lake Park?
The rental vacancy rate in Lake Park is 9 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 Park for each bedroom size?
Occupied Rental Units by Size in Lake Park
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 12 | 10 | 5 | 5 |
Occupied Rental Units by Size in Lake Park
A large number of apartments in Lake Park 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 Park are overburdened by housing costs?
Among renter households in this market, 19 percent have housing cost burden. Further, 9 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 Park
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $687 to $1,505. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $687 |
| One BR | $801 |
| Two BR | $1,014 |
| Three BR | $1,361 |
| Four BR | $1,505 |
2024 Fair Market Rents in Lake Park, Minnesota
How many units are rented at Fair Market Rent (FMR) in Lake Park?
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 | 12 | 100 percent |
| Two BR | 10 | 100 percent |
Rental Units Below FMR in Lake Park, Minnesota
How many affordable rental units are in Lake Park?
There are a variety of federal affordable housing programs serving households in Lake Park, Minnesota including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 8 |
| Public Housing | 3 |
| USDA Section 515 Rural Rental Housing | 12 |
Tracked Units by Federal Program in Lake Park, Minnesota
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Lake Park, Minnesota
Lake Park 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 Lake Park, Minnesota
There are 8 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Park.
Housing Choice Vouchers in Lake Park, Minnesota
On average, Section 8 Housing Choice vouchers pay Lake Park landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake Park.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Park, Minnesota for a two-bedroom apartment is between $913 and $1,115.
Sourced from federal housing data and AffordableHousingOnline.com research.
