What HUD offices serve Lake of the Woods, Virginia?
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 Virginia Public Housing and Low-Income Apartments Waiting Lists page for openings near Lake of the Woods.
How many renters live in Lake of the Woods, Virginia?
The City of Lake of the Woods has 8,356 people living in 3,523 households.
There are 253 renters living in 120 renter households in this City. Renters make up 3.03 percent of the population living in Lake of the Woods.
What is the rental market like in Lake of the Woods, Virginia?
There are an estimated 3,871 housing units in the Lake of the Woods area. Of these, 120 units are rental homes, making up 3 percent of the housing market. For every renter household in Lake of the Woods, Virginia, there are 1 rental units.
What is the vacancy rate for rentals in Lake of the Woods?
The rental vacancy rate in Lake of the Woods 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 of the Woods for each bedroom size?
Occupied Rental Units by Size in Lake of the Woods
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 0 | 0 | 110 | 0 |
Occupied Rental Units by Size in Lake of the Woods
A large number of apartments in Lake of the Woods 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 of the Woods are overburdened by housing costs?
Among renter households in this market, 24 percent have housing cost burden. Further, 0 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 of the Woods
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $949 to $1,852. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $949 |
| One BR | $955 |
| Two BR | $1,187 |
| Three BR | $1,584 |
| Four BR | $1,852 |
2024 Fair Market Rents in Lake of the Woods, Virginia
How many units are rented at Fair Market Rent (FMR) in Lake of the Woods?
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 |
Rental Units Below FMR in Lake of the Woods, Virginia
How many affordable rental units are in Lake of the Woods?
There are a variety of federal affordable housing programs serving households in Lake of the Woods, Virginia including the following:
| Federal Program | Unit Count |
| Section 8 Project-Based Rental Assistance | 1 |
| Section 811 Supportive Housing for Persons with Disabilities | 6 |
Tracked Units by Federal Program in Lake of the Woods, Virginia
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Lake of the Woods, Virginia
Lake of the Woods features 6 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 of the Woods, Virginia
There are 51 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake of the Woods.
Housing Choice Vouchers in Lake of the Woods, Virginia
On average, Section 8 Housing Choice vouchers pay Lake of the Woods landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake of the Woods.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake of the Woods, Virginia for a two-bedroom apartment is between $1,068 and $1,306.
Sourced from federal housing data and AffordableHousingOnline.com research.
