Location: Hamlin County, SD | Metro: Brookings County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
The ZIP code 57234 has a population of 1,339, with 11.1% being renters. This indicates that it is not a renter-heavy area but rather a homeowner-dominated region where the availability of Section 8 vouchers is likely to be lower. The median household income in this ZIP is $82,358, which provides a baseline for assessing the affordability of housing.
The market rent for this area is $763 per month. To put this into perspective, the typical rent eats up approximately 9.2% of the local median income. This is calculated by dividing the monthly rent by the annual median income and multiplying by 100: ($763 * 12 / $82,358) * 100 = 9.2%. This percentage suggests that rent is relatively affordable compared to the income levels of the residents.
Comparing the market rent to the Fair Market Rent (FMR) of $930 for fiscal year 2026, which is set by the U.S. Department of Housing and Urban Development (HUD), the current market rent is below the HUD's threshold. This means that landlords can potentially offer rents at or slightly above the market rate without exceeding the limits set by HUD for Section 8 vouchers.
A landlord in ZIP 57234 should expect tenants who are likely to have some income beyond the rental assistance provided by Section 8 vouchers. Given the median income and the relatively low rent, tenants may be able to contribute a portion of their income towards rent, making them financially stable and capable of meeting their obligations. However, due to the lower percentage of renters, the competition for Section 8 tenants might be less intense compared to areas with higher renter populations.
To summarize, while ZIP 57234 is not heavily populated with renters, the affordability of the market rent relative to the median income makes it a viable area for landlords looking to accept Section 8 vouchers. The expected tenant profile would include individuals and families who are financially stable and willing to pay their share of the rent, ensuring a steady stream of income for landlords.
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.