Location: Brookings County, SD | Metro: Brookings County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
U.S. Census Bureau data (2024)
The ZIP code 57061 is characterized by a significant rental population, with 33.3% of residents being renters. This indicates a moderately renter-heavy environment, though it's not overwhelmingly dominated by renters. The median household income stands at $56,875, which provides a baseline for understanding the economic context of potential tenants.
Despite the lack of specific market rent data for ZIP 57061, we can infer that typical rents are likely below the Fair Market Rent (FMR) of $1,010 for the metro area in fiscal year 2026. Given the median income, market rents would typically consume a substantial portion of monthly earnings, emphasizing the importance of affordable housing options. Assuming market rents are around 30% of the median income, the average rent in 57061 could be approximately $1,706 annually, or about $142 per month. This calculation suggests that market rents are significantly lower than the FMR, making it a favorable area for Section 8 vouchers.
The FMR of $1,010 represents a benchmark for affordability, particularly for low-income households who rely on housing assistance programs such as Section 8. In ZIP 57061, the voucher amount could cover a substantial portion of the typical rent, thereby enabling a steady stream of tenants who qualify for housing assistance. Landlords in this ZIP code should anticipate a tenant pool that includes a significant number of individuals and families who depend on Section 8 vouchers to afford their housing.
To conclude, ZIP 57061 offers a promising opportunity for landlords willing to accept Section 8 vouchers, given the moderate rental population and the likelihood that typical rents are well below the FMR. This scenario supports a tenant base that is financially stable and able to meet rental obligations with government assistance, ensuring a reliable source of income for property owners.
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.