HUD Fair Market Rent · FY 2026 · effective Oct 1, 2025 to Sep 30, 2026
Fair Market Rent in Lake County, South Dakota (FY 2026)
$970 a month. That's HUD's FY 2026 Fair Market Rent for a two-bedroom in Lake County, and it's the baseline every voucher in Lake is measured against.
2 bedroom FMR
$970
FY 2026, utilities included
Payment standard range
$873 to $1,067
90% to 110% of FMR
Income to afford 2BR
$38,800
per year, at 30% of income
Rank in South Dakota
19th of 66
by 2BR FMR
HUD has already published FY 2027. On October 1, 2026 the two-bedroom rate in Lake moves to $1,154. That's up 19%. The full FY 2027 table is in the history section below.
HUD's number is one input. What does a two-bedroom in Lake actually rent for?
Search any address in Lake for a rent estimate built from nearby comps, with the HUD figure right next to it.
FY 2026 Fair Market Rents
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2025 |
|---|---|---|---|---|---|
| Studio | $669 | $602 to $736 | $26,760 | $12.87/hr | +10.9% |
| 1 bedroom | $739 | $665 to $813 | $29,560 | $14.21/hr | +10.3% |
| 2 bedroom | $970 | $873 to $1,067 | $38,800 | $18.65/hr | +10.4% |
| 3 bedroom | $1,163 | $1,047 to $1,279 | $46,520 | $22.37/hr | +3.7% |
| 4 bedroom | $1,627 | $1,464 to $1,790 | $65,080 | $31.29/hr | +12.6% |
5 to 8 bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $1,871 | $1,684 to $2,058 |
| 6 bedroom Estimate | $2,115 | $1,904 to $2,327 |
| 7 bedroom Estimate | $2,359 | $2,123 to $2,595 |
| 8 bedroom Estimate | $2,603 | $2,343 to $2,863 |
Source: HUD Office of Policy Development and Research, FY 2026 Fair Market Rents. Rents include utilities. huduser.gov
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2026 that's October 1, 2025 through September 30, 2026. In Lake, that runs from $669 for a studio up to $1,627 for four bedrooms, all five rates in the table above.
Because Lake sits outside any HUD metro area, its rate is a county-wide figure built from local rents. One number covers every address in the county, Chester included.
Among South Dakota's 66 counties, Lake ranks 19th for two-bedroom FMR. That's about 4% above the state median of $929 and about 5% below the national median county at $1,018. About 11,207 people live here, 16th in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $930 in 57054 (Ramona) and $1,230 in 57016 (Chester), with the 7 ZIP codes in between. Housing authorities in HUD-designated metros use those ZIP rates instead of the county rate. Everywhere else the ZIP numbers show where rents actually sit, and the county rate stays the official standard.
What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Lake somewhere between $873 and $1,067. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$970 a month is affordable, by HUD's 30% rule, on an income of roughly $38,800 a year. Put another way, $19 an hour full time.
Worked example for a two-bedroom, assuming the rent equals the payment standard. Tenant pays 30% of monthly income, HUD's housing assistance payment covers the rest.
| Monthly household income | Tenant pays (30%) | HAP at 90% ($873) | HAP at 100% ($970) | HAP at 110% ($1,067) |
|---|---|---|---|---|
| $2,500 | $750 | $123 | $220 | $317 |
| $4,000 | $1,200 | $0 | $0 | $0 |
Rate history
The two-bedroom rate went up 10% from FY 2025 ($879) to FY 2026 ($970). Since FY 2020 it's up 36% in total, about 5.2% a year. The South Dakota median moved up 7% over the same year.
| Year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $487 | $542 | $714 | $1,030 | $1,232 | — |
| FY 2021 | $503 | $546 | $719 | $1,029 | $1,185 | +0.7% |
| FY 2022 | $541 | $575 | $757 | $1,075 | $1,233 | +5.3% |
| FY 2023 | $575 | $634 | $826 | $1,174 | $1,320 | +9.1% |
| FY 2024 | $628 | $706 | $927 | $1,245 | $1,511 | +12.2% |
| FY 2025 | $603 | $670 | $879 | $1,121 | $1,445 | -5.2% |
| FY 2026 | $669 | $739 | $970 | $1,163 | $1,627 | +10.4% |
| FY 2027 | $804 | $882 | $1,154 | $1,375 | $1,929 | +19.0% |
Nearby counties
Questions people ask
$970 a month for FY 2026, which runs October 1, 2025 through September 30, 2026. The other rates are $669 for a studio, $739 for one bedroom, $1,163 for three and $1,627 for four.
Tools for this county
Fair Market Rent lookup
Look up any ZIP code's Small Area FMR by bedroom count.
Section 8 rent calculator
Work out the payment standard and tenant share for a specific rent.
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords.
Rent affordability calculator
See what income a household needs for a given rent.
What does a rental in Lake actually go for?
HUD's number is one input. Search any address in Lake for a rent estimate built from nearby comps. 3 free searches, no card.
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