Location: Rock County, MN | Metro: Sioux Falls, SD HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,790 |
| 4 Bedrooms | $2,170 |
| 5 Bedrooms | $2,517 |
| 6 Bedrooms | $2,819 |
| 7 Bedrooms | $3,045 |
| 8 Bedrooms | $3,197 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,790 | $331,972 | 0.54% | F |
| 4BR | $2,170 | $421,870 | 0.51% | F |
U.S. Census Bureau data (2024)
ZIP code 57068 is primarily a homeowner-dominated area with a relatively low percentage of renters at 13.7%. This indicates that the demand for rental properties, including those supported by Section 8 vouchers, is not particularly high. The median household income in this ZIP code is $112,847, which suggests that residents have a higher capacity to afford market rents without assistance.
The typical market rent of $1,111 represents approximately 11.7% of the median household income. This figure is slightly above the Fair Market Rent (FMR) of $1,030 set for FY 2024, indicating that landlords can charge a premium over the FMR rate but should be prepared to offer competitive amenities and property conditions to attract tenants.
Given the low proportion of renters and the higher median income, landlords in ZIP 57068 should expect a tenant pool that includes a mix of individuals who may require some level of financial assistance, such as Section 8 vouchers, alongside those who can afford to pay the market rate. However, the number of tenants relying solely on vouchers will likely be limited due to the scarcity of voucher holders in this area.
To summarize, ZIP 57068 is not an ideal location for landlords seeking to cater exclusively to Section 8 tenants. Instead, it offers opportunities for landlords willing to accommodate a diverse range of tenants, including those who might use vouchers to supplement their housing costs.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.