Rental Benchmark Overview
2-Bedroom Benchmark Rent
$970$11,640 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Lake County, SD
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Lake County, SD
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 | $669 | $8,028 | $26,760 | $12.87/hr |
| 1-Bedroom Apartment | $739 | $8,868 | $29,560 | $14.21/hr |
| 2-Bedroom ApartmentStandard Benchmark | $970 | $11,640 | $38,800 | $18.65/hr |
| 3-Bedroom Home | $1,163 | $13,956 | $46,520 | $22.37/hr |
| 4-Bedroom Home | $1,627 | $19,524 | $65,080 | $31.29/hr |
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Frequently Asked Questions About Rent in Lake County, SD
What is the Fair Market Rent for a 2-bedroom in Lake County, SD?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Lake County, SD is $970 per month ($11,640 per year).
What hourly wage is needed to afford rent in Lake County, SD?
To comfortably afford a 2-bedroom apartment at $970/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $18.65 per hour ($38,800/year).
What are the HUD Fair Market Rents by bedroom count in Lake County, SD?
Official 2026 HUD rents in Lake County, SD are: Studio: $669/mo, 1-Bedroom: $739/mo, 2-Bedroom: $970/mo, 3-Bedroom: $1,163/mo, and 4-Bedroom: $1,627/mo.
How do HUD Fair Market Rents compare to local incomes in Lake County, SD?
At the local Census ACS median household income of $76,808/year ($6,401/month), the benchmark 2-bedroom Fair Market Rent represents 15.2% of monthly income.
How is the 30% housing affordability standard calculated in Lake County, SD?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $970/month, the required minimum annual gross income is calculated as ($970 × 12) ÷ 0.30 = $38,800 per year.