Location: Yankton 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)
The ZIP code 57037 is characterized by a significant rental population, with 28.6% of its 925 residents being renters. This indicates that while not overwhelmingly dominated by renters, there is still a notable segment of the population that relies on rental housing, which can be leveraged by landlords and small-portfolio investors.
The median household income in this area stands at $72,250, which provides a benchmark for assessing the affordability of housing. The average market rent of $809 per month represents approximately 11.4% of the median income, suggesting that the cost of renting is relatively manageable for most households. However, this percentage is higher than the typical 25-30% of income recommended for housing expenses, indicating that rent could be a substantial portion of a tenant's budget.
The Fair Market Rent (FMR) for ZIP 57037 is set at $910 for FY 2024, slightly above the current market rent. This means that landlords participating in the Section 8 program can potentially receive a higher subsidy rate compared to the actual market conditions, making it an attractive option for those willing to comply with the program's regulations.
Given these figures, landlords in ZIP 57037 can anticipate a tenant pool that includes individuals and families who benefit from Section 8 vouchers. These tenants will have their rent subsidized up to the FMR level, ensuring a stable source of income for the landlord. It is important to note that the voucher holders will likely have a lower income than the median, but the subsidies will help cover the costs of living in the area.
In summary, ZIP 57037 offers a mix of rental and owner-occupied housing, with a sufficient number of renters to support a viable Section 8 tenant pool. Landlords should expect tenants who rely on government assistance to meet their housing needs, with rents being a significant part of their overall income. Participation in the Section 8 program can provide a steady and reliable income stream, aligning with the economic realities of the area.
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.