Section 8 Fair Market Rent (FMR) for ZIP 57041 - 2027
Location: Sioux Falls, SD | Metro: Sioux Falls, SD HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $900 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$158,393
A skeptical investor might raise several concerns regarding investing in ZIP code 57041 in Lyons, SD. Here are some common objections and the data to address them:
- Will FMR $1050 (zip FY 2024) cover the mortgage on a home?: The median home value in ZIP 57041 is $508,333, with an average home value of $542,424. Given these high values, the Fair Market Rent (FMR) of $1050 may not sufficiently cover the mortgage on a typical home. However, the data does not provide specific mortgage rates or average monthly mortgage payments, so a precise financial analysis is needed.
- Is there enough renter demand at 0.0%?: According to the data, only 9.8% of housing units are renter occupied, which suggests limited demand for rental properties. Despite this low percentage, the area ranks highly in terms of median household income ($155,776), indicating potential for higher-end rentals or vacation homes if the market supports it.
- Will vouchers keep pace with market rents?: The data does not specify the voucher usage rate or the local rent control policies. However, with a high median household income, it's possible that fewer residents rely on vouchers, potentially reducing their impact on rental pricing. The actual pace of voucher increases would need to be verified against local HUD reports.
The data shows that ZIP 57041 has a high median household income and relatively high home values, but the low percentage of renter-occupied housing units and lack of specific mortgage coverage details present challenges for small-portfolio investors.
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.