Lake County, SD: Fair Market Rent 2027 and Income Limits

Official HUD figures for landlords and renters, effective October 1, 2026 (rents) and May 1, 2026 (income limits).

$1,1542-bedroom FMR, FY2027

$8821-bedroom FMR, FY2027

$82,40080% income limit, family of 4 (FY2026)

$103,000Median family income (FY2026)

The FY2027 Fair Market Rent for a two-bedroom unit in Lake County is $1,154 a month, up 19.0% from $970 in FY2026. Lake County belongs to the Lake County, SD FMR area (non-metro county), so the same figures apply across that area. FMRs are gross rents: rent plus all tenant-paid utilities except phone, cable and internet.

Fair market rent in Lake County by bedroom count

Unit size	FY2027 FMR	FY2026 FMR	Change	Payment standard range (90–110%)
Studio	$804	$669	+20.2%	$724 – $884
1 bedroom	$882	$739	+19.4%	$794 – $970
2 bedrooms	$1,154	$970	+19.0%	$1,039 – $1,269
3 bedrooms	$1,375	$1,163	+18.2%	$1,238 – $1,512
4 bedrooms	$1,929	$1,627	+18.6%	$1,737 – $2,121

Source: HUD Fair Market Rents FY2027 (effective October 1, 2026) and FY2026 (revised file), details.

What can a landlord charge a Section 8 tenant here?

The FMR is not a cap on what you can ask on the open market. For a Housing Choice Voucher tenant, the local housing authority sets a payment standard, normally between 90% and 110% of the FMR (or of the ZIP-level Small Area FMR where those apply). For a two-bedroom unit in Lake County that is typically $1,039 to $1,269 including utilities. You can charge more than the payment standard if the rent passes the housing authority's rent-reasonableness test and, at move-in, the tenant's share stays within 40% of their adjusted monthly income. Ask the housing authority for its current payment standard schedule.

Can local renters afford the fair market rent?

$42,830median income of renter households

$947Median gross rent, all units

27%Rent-to-income ratio (median rent ÷ median renter income)

48%of renter households pay 30% or more of income on rent

At the 30% rule, a renter household earning the local median of $42,830 can afford about $1,071 a month including utilities. The FY2027 two-bedroom Fair Market Rent of $1,154 is $83 (7.8%) more than that. To rent a two-bedroom at the FMR, a household needs $46,160 a year under the 30% rule, or $41,544 under the common landlord rule that income must be three times the rent.

Lake County, ACS 2020–2024	Estimate ± MOE
Median gross rent (rent + utilities)	$947 ±$88
Median income of renter households	$42,830 ±$10,776
Renters paying 30% or more of income (cost-burdened)	47.5% ±13.5
Renters paying 50% or more (severely cost-burdened)	15.6% ±7.8
Renter households (where the share can be computed)	1,169

Change since 2015–2019

	ACS 2015–2019	ACS 2020–2024	Change
Median gross rent	$597	$947	+58.6%
Median renter household income	$36,842	$42,830	+16.3%
Renters paying 30%+ of income	46.6%	47.5%	+0.9 pts

Rent-to-income calculator: does an applicant qualify? → · Most affordable counties to rent in this state →

Source: U.S. Census Bureau, American Community Survey 5-Year Estimates 2020–2024 and 2015–2019 (tables B25064, B25119, B25070). ± = margin of error at 90% confidence. Dollar figures are not adjusted for inflation.

HUD income limits for Lake County (FY2026)

Income limits decide who qualifies for Section 8 vouchers, public housing and most HUD-assisted units. The area median family income is $103,000 (FY2025: $103,000, ±0.0%). Small figures under each limit show the change from FY2025.

Household size	1 person	2 people	3 people	4 people	5 people	6 people	7 people	8 people
Extremely low income (30%)	$21,650 ±0.0%	$24,750 ±0.0%	$27,850 ±0.0%	$33,000 +2.6%	$38,680 +2.7%	$44,360 +2.8%	$50,040 +2.9%	$55,720 +2.9%
Very low income (50%)	$36,050 ±0.0%	$41,200 ±0.0%	$46,350 ±0.0%	$51,500 ±0.0%	$55,650 ±0.0%	$59,750 ±0.0%	$63,900 ±0.0%	$68,000 ±0.0%
Low income (80%)	$57,700 ±0.0%	$65,950 ±0.0%	$74,200 ±0.0%	$82,400 ±0.0%	$89,000 ±0.0%	$95,600 ±0.0%	$102,200 ±0.0%	$108,800 ±0.0%

The 30% limit is HUD's “extremely low income” limit: the higher of 30% of median income or the federal poverty guideline, but never above the 50% limit. That is why it can rise faster than 30% of median for larger households. Tax-credit (LIHTC) properties use separate Multifamily Tax Subsidy Project limits.

Source: HUD Section 8 Income Limits FY2026 (effective May 1, 2026) and FY2025, details.