Low Income Apartments and Affordable Housing For Rent in Hot Springs, SD

Discover affordable housing in Hot Springs 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.

Mountain View Apartments

644 S 16th Avenue, Hot Springs, South Dakota 57747

Lincoln Avenue Apartments

2331 Lincoln Ave, Hot Springs, South Dakota 57747

Rc Springs Apartments

108 S 23rd St, Hot Springs, South Dakota 57747

Rainbow House

1730 Minnekahta Ave, Hot Springs, South Dakota 57747

Majestic View Townhouses

1601 Evanston Ave, Hot Springs, South Dakota 57747

Hot Springs

201 S River St, Hot Springs, South Dakota 57747

Century House

545 N River St, Hot Springs, South Dakota 57747

calendar_today Opened: Sep 1
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 Hot Springs, South Dakota
$22.65/hour
$11.45 (+102%) more than South Dakota minimum wage and $15.40 (+212%) more than the Federal minimum wage.
Learn More About Hot Springs, South Dakota Affordable Housing ↓

What HUD offices serve Hot Springs, South Dakota?

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 Public Housing, Section 8 Project-Based Voucher (PBV) programs for Hot Springs, South Dakota.
Operates the Section 8 Housing Choice Voucher (HCV), Public Housing programs for Hot Springs, South Dakota.

Go to the South Dakota Public Housing and Low-Income Apartments Waiting Lists page for openings near Hot Springs.

How many renters live in Hot Springs, South Dakota?

The City of Hot Springs has 3,465 people living in 1,697 households.

There are 947 renters living in 614 renter households in this City. Renters make up 27.33 percent of the population living in Hot Springs.

What is the rental market like in Hot Springs, South Dakota?

There are an estimated 1,946 housing units in the Hot Springs area. Of these, 614 units are rental homes, making up 32 percent of the housing market. For every renter household in Hot Springs, South Dakota, there are 1 rental units.

What is the vacancy rate for rentals in Hot Springs?

The rental vacancy rate in Hot Springs 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 Hot Springs for each bedroom size?

Occupied Rental Units by Size in Hot Springs
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
44 200 274 96 0
Occupied Rental Units by Size in Hot Springs

A large number of apartments in Hot 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 Hot Springs are overburdened by housing costs?

Among renter households in this market, 50 percent have housing cost burden. Further, 33 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 Hot Springs

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $811 to $1,921. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $811
One BR $910
Two BR $1,196
Three BR $1,446
Four BR $1,921
2024 Fair Market Rents in Hot Springs, South Dakota

How many units are rented at Fair Market Rent (FMR) in Hot 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 44 100 percent
One BR 192 96 percent
Two BR 233 85 percent
Rental Units Below FMR in Hot Springs, South Dakota

How many affordable rental units are in Hot Springs?

There are a variety of federal affordable housing programs serving households in Hot Springs, South Dakota including the following:

Federal Program Unit Count
Public Housing 99
Section 8 Project-Based Rental Assistance 111
USDA Section 515 Rural Rental Housing 72
Tracked Units by Federal Program in Hot Springs, South Dakota

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

Income Based Apartments in Hot Springs, South Dakota

Hot Springs features 284 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 Hot Springs, South Dakota

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Hot Springs.

Housing Choice Vouchers in Hot Springs, South Dakota

On average, Section 8 Housing Choice vouchers pay Hot Springs landlords $500 per month towards rent. The average voucher holder contributes $200 towards rent in Hot Springs.

The maximum amount a voucher would pay on behalf of a low-income tenant in Hot Springs, South Dakota for a two-bedroom apartment is between $1,076 and $1,316.

Sourced from federal housing data and AffordableHousingOnline.com research.