Location: Miner County, SD | Metro: Kingsbury County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
U.S. Census Bureau data (2024)
The ZIP code 57054 presents several challenges for landlords considering Section 8 investments. Firstly, tenant turnover is likely to be higher due to the discrepancy between the market rent at $850 and the Fair Market Rent (FMR) at $930 for FY 2026 in the metro area. This gap suggests that tenants may seek properties closer to the FMR, leading to increased churn and associated costs such as screening and lease-up expenses.
Vacancy exposure is another concern, as the Days on Market (DOM) data is currently unavailable. This lack of information makes it difficult to predict how long properties might remain vacant, which can significantly impact cash flow and overall profitability.
Deferred maintenance is also a potential issue, given the absence of typical home value data. However, with a median income of $86,875, there is some financial cushion available to address any maintenance needs. Still, landlords must be prepared to manage these costs effectively to avoid property degradation and ensure compliance with housing standards.
On the positive side, the high renter share of 19.5% indicates a robust demand for rental properties, which often translates into a higher number of Section 8 vouchers being utilized in the area. This density of renters can provide a steady stream of potential tenants who qualify for the program, reducing the risk of prolonged vacancies.
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.