Location: Moody County, SD | Metro: Moody County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The Federal Housing Administration (FHA) Fair Market Rent (FMR) for ZIP code 57024 in fiscal year 2026 is set at $940. This figure represents the payment standard for Section 8 vouchers, which is the amount that the government will pay toward your tenant's rent. It is important to note that this does not mean you should charge $940 for rent; it simply means that the government will cover up to $940 of the total rent.
In comparison, the average local rent in ZIP code 57024, according to Census American Community Survey (ACS) data, is $1,341. This suggests that while the government payment might be $940, you can potentially charge more than the FMR if the market supports it. However, tenants with vouchers can only use the voucher amount towards their rent, so any additional cost must be covered by the tenant themselves.
The 9.6% renter share indicates that there is a modest demand for rentals in this area. While it is not a high percentage, it still represents a segment of the population that could benefit from Section 8 housing, thus providing a steady stream of potential tenants.
If you're looking to acquire a property in ZIP code 57024, the median home value is around $181,040. This is the typical price you would expect to pay for an existing home, but remember that the actual cost can vary depending on the condition and location of the property.
Before proceeding with a Section 8 rental, ensure that the property meets all the necessary standards and requirements set by the local housing authority. These standards include safety, health, and structural conditions, among others. Failure to comply with these standards can result in disqualification from the program, regardless of the FMR or local rent levels.
To summarize, the FMR of $940 is the government's contribution to the rent, which is lower than the local average of $1,341. With a 9.6% renter share, there is a moderate demand for rentals, and properties can be acquired for approximately $181,040. The key verification step is ensuring that the property meets the local housing authority's standards before listing it as a Section 8 rental.
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.