Location: Sioux Falls, SD | Metro: Sioux Falls, SD HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,450 | $368,448 | 0.39% | F |
U.S. Census Bureau data (2024)
ZIP code 57015 is positioned within the Sioux Falls, SD HUD Metro Fair Market Rent (FMR) Area. Its Fair Market Rent for FY 2024 is set at $1000, which is notably higher than the average market rent of $742. This indicates that 57015 is likely a premium sub-market within the metro area, commanding higher rents compared to the general market conditions.
The median home value in ZIP 57015 stands at $413,629, which is above the typical home value in the Sioux Falls, SD HUD Metro FMR Area. This further supports the classification of 57015 as a premium sub-market where property values are elevated, reflecting a desirable location for homeowners and potentially higher investment opportunities for landlords.
A key indicator for landlords and investors interested in Section 8 properties is the percentage of renters. In ZIP 57015, the renter share is 12.5%, which is relatively low compared to other areas within the metro that might have higher percentages of renters. However, the combination of a below-average market rent and a premium FMR suggests that 57015 could still be a favorable area for Section 8 properties, especially given the higher potential rental income relative to the actual market rates.
To summarize, ZIP 57015 is best categorized as a premium sub-market within the Sioux Falls, SD HUD Metro FMR Area. It offers higher-than-average FMRs and property values, indicating a strong position in the real estate market. While the renter share is lower than some other ZIP codes, the disparity between the FMR and market rent makes it an attractive option for those looking to participate in the Section 8 program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.