Location: Hutchinson County, SD | Metro: Sioux Falls, SD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
U.S. Census Bureau data (2024)
910 FMR (zip FY 2024) indicates the Fair Market Rent for ZIP code 57029, which is the maximum amount that a landlord can charge for a Section 8 rental unit. The market rent of $749 (Census ACS) shows that the average rent charged for properties in this area is below the FMR, suggesting a favorable environment for landlords participating in the program. With a median home value of $243,814, the housing market in this region is relatively stable, offering long-term investment potential. The 21.1% renter share highlights that over one-fifth of the population in ZIP 57029 are renters, providing a substantial demand for rental properties. Landlords can expect a steady stream of tenants interested in affordable housing options. The median income of $73,750 supports the notion that residents have the financial capacity to contribute their portion of the rent, typically 30% of their income, making it a reliable source of rental payments. Although the Days on Market (DOM) and percentage of price-cut share data are not available, the combination of a slightly higher FMR compared to market rent and a significant renter population suggests that rental units, particularly those under Section 8, will likely be occupied promptly. In conclusion, the favorable comparison between the FMR and market rent, alongside a notable renter share and stable median home values, makes ZIP code 57029 an attractive option for Section 8 participation.
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.