How many renters live in Lake Norden, South Dakota?
The City of Lake Norden has people living in households.
There are renters living in renter households in this City. Renters make up 35.81 percent of the population living in Lake Norden.
What is the rental market like in Lake Norden, South Dakota?
There are an estimated housing units in the Lake Norden area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Lake Norden, South Dakota, there are 1 rental units.
What is the vacancy rate for rentals in Lake Norden?
The rental vacancy rate in Lake Norden 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 Lake Norden for each bedroom size?
Occupied Rental Units by Size in Lake Norden
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 1 | 30 | 34 | 20 | 5 |
Occupied Rental Units by Size in Lake Norden
A large number of apartments in Lake Norden have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How Much Is Rent in Lake Norden
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $613 to $1,229. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $613 |
| One BR | $695 |
| Two BR | $905 |
| Three BR | $1,225 |
| Four BR | $1,229 |
2024 Fair Market Rents in Lake Norden, South Dakota
How many units are rented at Fair Market Rent (FMR) in Lake Norden?
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 | 1 | 100 percent |
| One BR | 17 | 57 percent |
| Two BR | 24 | 71 percent |
Rental Units Below FMR in Lake Norden, South Dakota
How many affordable rental units are in Lake Norden?
There are a variety of federal affordable housing programs serving households in Lake Norden, South Dakota including the following:
| Federal Program | Unit Count |
| Public Housing |
Tracked Units by Federal Program in Lake Norden, South Dakota
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Lake Norden, South Dakota
Lake Norden features 18 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 Norden, South Dakota
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Norden.
Housing Choice Vouchers in Lake Norden, South Dakota
On average, Section 8 Housing Choice vouchers pay Lake Norden landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake Norden.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Norden, South Dakota for a two-bedroom apartment is between $815 and $996.
Sourced from federal housing data and AffordableHousingOnline.com research.