Location: Deuel County, SD | Metro: Deuel County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
U.S. Census Bureau data (2024)
The ZIP code 57218 represents a modest-sized tenant pool for Section 8 housing, given that only 10.0% of its population are renters. This indicates that the area is primarily dominated by homeowners, which suggests that the demand for rental properties using vouchers may be limited compared to areas with higher percentages of renters.
With a median household income of $66,250, the typical market rent of $729 is relatively affordable. The rent consumes approximately 13.4% of the median household income, calculated by dividing the market rent by the median income and multiplying by 100. This percentage is favorable and indicates that most residents can comfortably afford their rent without significant financial strain.
However, when comparing the market rent to the Fair Market Rent (FMR) of $1,390, it becomes evident that the actual rents are significantly lower. This discrepancy suggests that the rental market in ZIP 57218 is less competitive and may offer opportunities for landlords who are willing to accept Section 8 vouchers. The lower market rent also implies that tenants in this area might have a higher dependency on government assistance to cover living expenses.
A landlord in ZIP 57218 should anticipate a tenant profile that includes individuals and families relying on Section 8 vouchers due to the lower-than-average market rent. These tenants will likely be working at low-wage jobs or receiving other forms of public assistance. Given the homeowner-dominated nature of the area, landlords might find fewer applicants looking for market-rate rentals, making the acceptance of vouchers a strategic decision to fill vacancies.
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.