Location: Day County, SD | Metro: Codington County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
The ZIP code 57235 stands out due to its unique demographic and economic characteristics. With only 774 residents, it has a very low rental rate of 6.5%, indicating that the majority of the population owns their homes. The median income for residents is $83,462, which is relatively high, and the median home value is even higher at $517,471. This suggests a community where homeownership is both prevalent and valued.
Moving to the specifics of Section 8 housing, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,010. However, the current market rent, based on Census ACS data, is lower at $822. This difference means that landlords accepting Section 8 vouchers in ZIP 57235 can expect a subsidy that exceeds the typical market rent by $188 per month. This creates an opportunity for landlords to potentially cover maintenance costs and still receive a competitive rental income.
The data signature for ZIP 57235 reads as stable. The high median income and home values indicate a financially secure community with little likelihood of sudden changes in economic conditions. Additionally, the low percentage of renters implies a strong preference for homeownership among the local population, which further supports the stability of the area. For small-portfolio investors and landlords, this ZIP code presents a reliable investment environment with clear benefits from participating in the Section 8 program.
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.