Lake Preston Housing
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There are 16 low-income apartments in Lake Preston that offer reduced rents to eligible households.
Rental assistance programs support 32 low-income homes in Lake Preston where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $-4 towards rent each month.
Affordable rent data for some communities last confirmed on October 30th, 2019. Subdsidized rents typically change once a year based on federal guidance.
Lake Preston, South Dakota Affordable Housing Data
Income Based Apartments in Lake Preston, South Dakota
Lake Preston features 32 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 Preston, South Dakota
There are 16 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Preston.
Housing Choice Vouchers in Lake Preston, South Dakota
On average, Section 8 Housing Choice vouchers pay Lake Preston landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake Preston.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Preston, South Dakota for a two-bedroom apartment is between $877 and $1,071.
2024 Lake Preston, South Dakota Fair Market Rents and Housing Choice Voucher Payment Standards
Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.
| Studio | One BR | Two BR | Three BR | Four BR | |
|---|---|---|---|---|---|
| Lake Preston, South Dakota Fair Market Rent | $660 | $741 | $974 | $1,178 | $1,565 |
| Lake Preston, South Dakota Payment Standard Range | $594 to $726 | $667 to $815 | $877 to $1,071 | $1,060 to $1,296 | $1,409 to $1,722 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Lake Preston, SD Affordable Housing Snapshot
| Total Affordable Apartment Properties | 3 |
|---|---|
| Total Low Income Apartments | 48 |
| Total Housing Units with Rental Assistance | 32 |
| Percentage of Housing Units Occupied By Renters | 36.54% |
| Average Renter Household Size | 1.46 |
| Average Household Size | 1.93 |
| Median Household Income | $39,044 ±$4,699 |
| Median Rent | $454 ±$64 |
| Percentage Of Renters Overburdened | 21.82% ± 13.7pp |
| Total Population | 581 |
Population and Household Demographics
Lake Preston is a city in Kingsbury County, South Dakota with a population of 581. There are 301 households in the city with an average household size of 1.93 persons. 36.54% of households in Lake Preston are renters.
Income and Rent Overburden in Lake Preston
The median gross income for households in Lake Preston is $39,044 a year, or $3,254 a month. The median rent for the city is $454 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lake Preston, a household making less than $1,513 a month would be considered overburdened when renting an apartment at or above the median rent. 21.82% of households who rent are overburdened in Lake Preston.
Area Median Income In Lake Preston
Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.
HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Lake Preston, the AMI is calculated from all households within Kingsbury County.
In Lake Preston, HUD calculates the Area Median Income for a family of four as $89,700
Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.
Rental Assistance in Lake Preston
Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.
Income Qualifications for HUD Rental Assistance in Lake Preston
| 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person | |
|---|---|---|---|---|---|---|---|---|
| 30% AMI Income Limits Renters earning up to 30% of the Lake Preston AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$18,100 | $20,650 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Lake Preston AMI may qualify for rental assistance programs that target Very Low Income households. |
$30,100 | $34,400 | $38,700 | $43,000 | $46,450 | $49,900 | $53,350 | $56,800 |
| 80% AMI Income Limits Renters earning up to 80% of the Lake Preston AMI may qualify for rental assistance programs that target Low Income households. |
$48,150 | $55,000 | $61,900 | $68,750 | $74,250 | $79,750 | $85,250 | $90,750 |
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