Location: Yankton County, SD | Metro: Bon Homme County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The ZIP code 57040 stands out due to its unique demographic and economic characteristics. With only 222 residents, it is one of the smallest communities in terms of population size. The rental market is relatively small, with 24.2% of residents renting their homes. Despite the low population, the median income in this area is $72,250, which is noteworthy considering the lack of available data on median home values. This suggests that while homeownership details are not readily accessible, the community maintains a respectable income level.
When it comes to Section 8 vouchers, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,030. In contrast, the current market rent, according to the Census ACS, is $636. This significant gap between FMR and market rent indicates that landlords who accept Section 8 vouchers could potentially see an increase in rental income, as the voucher amount exceeds the typical market rate. However, it's important to note that the number of renters is limited, and landlords should consider the overall demand before making decisions.
The data signature for ZIP 57040 reads as stable. The median income is consistent, and while there is a notable difference between the FMR and the actual market rent, this does not suggest rapid change or instability. Landlords and small-portfolio investors can expect steady, if modest, returns when accepting Section 8 vouchers, given the current economic landscape of the area. It's advisable to closely monitor any changes in local housing policies or economic conditions that could affect the stability of the rental market.
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.