Location: Miner County, SD | Metro: Kingsbury County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
U.S. Census Bureau data (2024)
The ZIP code 57051 presents several challenges for landlords considering Section 8 investments. Tenant turnover is a significant concern, with the Fair Market Rent (FMR) for the metro area set at $940 for fiscal year 2026, which does not align with the local market rent. This mismatch can lead to higher turnover rates as tenants seek properties that better match their budget expectations.
Vacancy exposure is another risk factor. The average days on market (DOM) for rental listings is not available, but given the limited data on local market conditions, it suggests a potential difficulty in quickly filling vacancies. This can be particularly problematic when relying on government subsidies, as delays in finding tenants can impact cash flow.
Deferred maintenance is also a notable risk. With a median income of $56,250 and no data on typical home values, the financial capacity of residents to afford substantial repairs or upgrades is questionable. Landlords must be prepared for the possibility of managing properties that require ongoing maintenance without the immediate ability to pass these costs onto tenants.
However, there are mitigating factors. The renter share of the population in ZIP 57051 is 4.2%, indicating a relatively high concentration of renters. High renter density often correlates with increased demand for Section 8 vouchers, which can stabilize occupancy rates and provide a reliable source of rental income.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.