Location: Moody County, SD | Metro: Rock County, MN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
The ZIP code 56144, located within the Moody County, SD metro area, presents an interesting mix of characteristics that define its position relative to other ZIP codes in the county. With a Fair Market Rent (FMR) of $980 for the fiscal year 2026, it aligns closely with the metro's standard, indicating that rental costs here are expected to meet the average for the region.
However, the market rent at $740 is notably lower than the FMR, suggesting that while the government benchmark sets a higher expectation for rental prices, actual market conditions offer more affordable options for tenants. This divergence can be indicative of a value pocket where rents are below the government's recommended levels, potentially attracting cost-sensitive renters.
The median home value of $199,285 is also lower than what might be considered premium within the Moody County, SD metro. This makes 56144 a more accessible option for homeownership compared to areas with higher property values. The combination of below-average home values and slightly below-average market rents points towards a neighborhood that offers good value for money.
A key factor to consider is the 13.7% renter share, which is a critical metric for landlords and small-portfolio investors. A higher proportion of renters relative to homeowners can signal strong demand for rental properties. In the context of lower market rents and home values, this suggests that 56144 could be a sweet spot for Section 8 investments, where the need for affordable housing meets the availability of reasonably priced rental units.
To summarize, ZIP code 56144 appears to be a value pocket within the Moody County, SD metro. It offers rental prices that are more affordable than the FMR, making it attractive for tenants seeking cost-effective living solutions. Additionally, the lower home values indicate a less expensive market for potential homeowners. The relatively high renter share suggests strong demand for rental properties, which could make this ZIP code particularly appealing for those looking to invest in Section 8 properties.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.