Low Income Apartments and Affordable Housing For Rent in Lake County, SD

Discover affordable housing in Lake County where there are 11+ 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.

Harvest Point Apartments

511 SE 9th St, Madison, South Dakota 57042

Lakeview Tower

111 S Washington Ave, Madison, South Dakota 57042

Ecco, Inc

1105 N Harth Ave, Madison, South Dakota 57042

Lincoln Arms

1036 N Lincoln Ave, Madison, South Dakota 57042

Parkview Apartments

1000 NW 7th St, Madison, South Dakota 57042

Prairie View Apartments

219 SW 8th St, Madison, South Dakota 57042

Madison Arms

1030 N Lincoln Ave, Madison, South Dakota 57042

Village Green

1005 NE 4th St, Madison, South Dakota 57042

Lincoln Ave Apts

1016 N Lincoln Ave, Madison, South Dakota

Horizon Ltd

421 SE 9th St, Madison, South Dakota 57042

South Dakota - Prairie View II Apartments

227 SW 8th St, Madison, South Dakota 57042

calendar_today Opened: Nov 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 Lake County, South Dakota
$17.56/hour
$6.36 (+57%) more than South Dakota minimum wage and $10.31 (+142%) more than the Federal minimum wage.
Learn More About Lake County, South Dakota Affordable Housing ↓

What HUD offices serve Lake County, 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 Section 8 Housing Choice Voucher (HCV), Public Housing programs for Lake County, South Dakota.

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

How many renters live in Lake County, South Dakota?

The County of Lake County has 11,207 people living in 4,552 households.

There are 2,456 renters living in 1,212 renter households in this County. Renters make up 21.91 percent of the population living in Lake County.

What is the rental market like in Lake County, South Dakota?

There are an estimated 5,714 housing units in the Lake County area. Of these, 1,314 units are rental homes, making up 23 percent of the housing market. For every renter household in Lake County, South Dakota, there are 1 rental units.

What is the vacancy rate for rentals in Lake County?

The rental vacancy rate in Lake County is 8 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 County for each bedroom size?

Occupied Rental Units by Size in Lake County
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
22 360 368 322 119
Occupied Rental Units by Size in Lake County

A large number of apartments in Lake County 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 County are overburdened by housing costs?

Among renter households in this market, 45 percent have housing cost burden. Further, 24 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 County

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $628 to $1,511. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $628
One BR $706
Two BR $927
Three BR $1,245
Four BR $1,511
2024 Fair Market Rents in Lake County, South Dakota

How many units are rented at Fair Market Rent (FMR) in Lake County?

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 22 100 percent
One BR 192 53 percent
Two BR 223 61 percent
Rental Units Below FMR in Lake County, South Dakota

How many affordable rental units are in Lake County?

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

Federal Program Unit Count
Low Income Housing Tax Credit 61
Public Housing 90
Section 8 Project-Based Rental Assistance 17
USDA Section 515 Rural Rental Housing 78
Tracked Units by Federal Program in Lake County, South Dakota

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

Income Based Apartments in Lake County, South Dakota

Lake County features 248 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 County, South Dakota

There are 33 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake County.

Housing Choice Vouchers in Lake County, South Dakota

On average, Section 8 Housing Choice vouchers pay Lake County landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Lake County.

The maximum amount a voucher would pay on behalf of a low-income tenant in Lake County, South Dakota for a two-bedroom apartment is between $834 and $1,020.

Sourced from federal housing data and AffordableHousingOnline.com research.