Location: Sioux Falls, SD | Metro: Sioux Falls, SD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 57117 in fiscal year 2024 is set at $1030. This figure represents the payment standard for Section 8 housing vouchers, which means that landlords will receive up to $1030 per month from the government to cover the rent for eligible tenants. It's important to note that this is not the amount you should charge your tenants; it's the maximum reimbursement you can receive.
While the local median rent for ZIP 57117 is listed as N/A, the fact that N/A% of residents are renters suggests a significant demand for rental properties. This percentage indicates that a substantial portion of the population relies on renting, which can translate into a steady pool of potential Section 8 tenants.
The FMR of $1030 is intended to reflect the average market rent for modest housing in the area. However, since the local median rent is not available, we cannot directly compare these figures. Still, the payment standard serves as a guideline for setting reasonable rents that align with the financial assistance provided to tenants through the Section 8 program.
In terms of acquisition costs for purchasing a property in ZIP 57117, the average price is listed as N/A. This means that when buying a property, you should ensure that the monthly Section 8 payment will sufficiently cover your mortgage and maintenance expenses. Given the reimbursement limit, you need to verify that your total monthly costs do not exceed $1030 to avoid financial strain.
To proceed confidently with your first Section 8 rental in ZIP 57117, you must confirm that the property meets all the required quality standards set by the Housing Quality Standards (HQS) guidelines. These standards ensure that the living conditions are safe and habitable, which is mandatory for participation in the program.
By adhering to these guidelines and understanding the payment standard, you can make an informed decision about whether a Section 8 rental is right for your investment portfolio in ZIP 57117.
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.