Section 8 Fair Market Rent (FMR) for ZIP 57020 - 2027

Location: Sioux Falls, SD | Metro: Sioux Falls, SD HUD Metro FMR Area

Investment Score for ZIP 57020

N/A
Monthly Rent (2BR)
$1,400
Median Price (2BR)
$N/A
1% Rule
0%
Annual Yield
0%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size Monthly FMR
Studio$1,070
1 Bedroom$1,190
2 Bedrooms$1,400
3 Bedrooms$1,930
4 Bedrooms$2,340
5 Bedrooms$2,714
6 Bedrooms$3,040
7 Bedrooms$3,283
8 Bedrooms$3,447

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms Monthly FMR Median Price 1% Rule Grade
3BR $1,930 $313,257 0.62% D
4BR $2,340 $402,837 0.58% F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population
1,622
Median Household Income
$101,500
Housing Units
632
Renter Percentage
14.2%
Occupancy Rate
100.0%
Renter Occupied
90
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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.