How many renters live in Saranac Lake, New York?
The City of Saranac Lake has 5,079 people living in 2,467 households.
There are 2,280 renters living in 1,249 renter households in this City. Renters make up 44.89 percent of the population living in Saranac Lake.
What is the rental market like in Saranac Lake, New York?
There are an estimated 2,815 housing units in the Saranac Lake area. Of these, 1,347 units are rental homes, making up 48 percent of the housing market. For every renter household in Saranac Lake, New York, there are 1 rental units.
What is the vacancy rate for rentals in Saranac Lake?
The rental vacancy rate in Saranac Lake 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 Saranac Lake for each bedroom size?
Occupied Rental Units by Size in Saranac Lake
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 188 | 510 | 361 | 132 | 53 |
Occupied Rental Units by Size in Saranac Lake
A large number of apartments in Saranac 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 Saranac Lake are overburdened by housing costs?
Among renter households in this market, 43 percent have housing cost burden. Further, 19 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 Saranac Lake
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $824 to $1,446. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $824 |
| One BR | $828 |
| Two BR | $971 |
| Three BR | $1,309 |
| Four BR | $1,446 |
2024 Fair Market Rents in Saranac Lake, New York
How many units are rented at Fair Market Rent (FMR) in Saranac 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 |
| Studio | 146 | 78 percent |
| One BR | 221 | 43 percent |
| Two BR | 144 | 40 percent |
Rental Units Below FMR in Saranac Lake, New York
How many affordable rental units are in Saranac Lake?
There are a variety of federal affordable housing programs serving households in Saranac Lake, New York including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 15 |
| Public Housing | 113 |
| Section 8 Project-Based Rental Assistance | 39 |
| USDA Section 515 Rural Rental Housing | 40 |
Tracked Units by Federal Program in Saranac Lake, New York
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Saranac Lake, New York
Saranac Lake features 113 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 Saranac Lake, New York
There are 197 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Saranac Lake.
Housing Choice Vouchers in Saranac Lake, New York
On average, Section 8 Housing Choice vouchers pay Saranac Lake landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Saranac Lake.
The maximum amount a voucher would pay on behalf of a low-income tenant in Saranac Lake, New York for a two-bedroom apartment is between $815 and $996.
Sourced from federal housing data and AffordableHousingOnline.com research.
