Location: Kingsbury County, SD | Metro: Hamlin County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The ZIP code 57233 stands out due to its small population size of just 350 residents, which is significantly lower than most other ZIP codes. With only 14.0% of the population renting, this indicates that homeownership is the predominant form of housing in the area. However, the lack of data on median home value suggests that there might be a limited number of homes sold in the area, making it difficult to establish a clear benchmark for property values.
Despite the low percentage of renters, the voucher economics present an interesting opportunity. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $970, but without specific market rent data available for ZIP 57233, landlords can leverage this figure to adjust their rental pricing. This is particularly useful for landlords who are considering accepting Section 8 vouchers, as they can ensure that their rental rates align closely with the government's guidelines.
The scarcity of rental units combined with the limited data on median home value and market rent implies that ZIP 57233 is a niche market. Landlords and small-portfolio investors should be cautious when setting rental prices and consider the FMR as a guideline. The median income of $82,917 is relatively high, suggesting that residents have the financial means to afford higher rents or mortgage payments, which could translate into better rental terms or higher property values over time.
Given the limited data points and the small population, the ZIP code 57233 appears to be a transitional area. While it has a strong median income, the lack of detailed housing data and the low percentage of renters indicate that the market is evolving and may not yet have established a stable pattern. Investors and landlords should monitor local trends closely and adapt their strategies accordingly to capitalize on potential growth opportunities.
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.