Rental Benchmark Overview
2-Bedroom Benchmark Rent
$994$11,928 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Lake County, MI
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Lake County, MI
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $704 | $8,448 | $28,160 | $13.54/hr |
| 1-Bedroom Apartment | $758 | $9,096 | $30,320 | $14.58/hr |
| 2-Bedroom ApartmentStandard Benchmark | $994 | $11,928 | $39,760 | $19.12/hr |
| 3-Bedroom Home | $1,367 | $16,404 | $54,680 | $26.29/hr |
| 4-Bedroom Home | $1,660 | $19,920 | $66,400 | $31.92/hr |
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Frequently Asked Questions About Rent in Lake County, MI
What is the Fair Market Rent for a 2-bedroom in Lake County, MI?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Lake County, MI is $994 per month ($11,928 per year).
What hourly wage is needed to afford rent in Lake County, MI?
To comfortably afford a 2-bedroom apartment at $994/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $19.12 per hour ($39,760/year).
What are the HUD Fair Market Rents by bedroom count in Lake County, MI?
Official 2026 HUD rents in Lake County, MI are: Studio: $704/mo, 1-Bedroom: $758/mo, 2-Bedroom: $994/mo, 3-Bedroom: $1,367/mo, and 4-Bedroom: $1,660/mo.
How do HUD Fair Market Rents compare to local incomes in Lake County, MI?
At the local Census ACS median household income of $50,805/year ($4,234/month), the benchmark 2-bedroom Fair Market Rent represents 23.5% of monthly income.
How is the 30% housing affordability standard calculated in Lake County, MI?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $994/month, the required minimum annual gross income is calculated as ($994 × 12) ÷ 0.30 = $39,760 per year.