Location: Hamlin County, SD | Metro: Codington County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 57238 in the upcoming fiscal year 2026 is set at $970. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, meaning that if you participate in this program, your tenant's monthly housing assistance will be capped at $970. It does not dictate the amount you can charge for rent; it simply sets the maximum subsidy level.
To put this into perspective, the average rent in ZIP 57238, according to the Census American Community Survey (ACS), is $883. This indicates that the FMR is slightly higher than the typical market rate, potentially offering a better deal for landlords who join the Section 8 program.
The renter share in ZIP 57238 stands at 10.9%, which suggests a moderate demand for rental properties. While this percentage is not exceptionally high, it still signals that there is a decent pool of potential tenants who might be interested in renting through the Section 8 program.
Regarding acquisition costs, the data shows it as N/A, indicating that specific information on property purchase prices is not available. However, you should consider that the Section 8 program typically requires properties to meet certain quality standards, which might influence your choice of investment properties.
Before making your decision to participate in the Section 8 program, verify that your property meets the Housing Quality Standards (HQS). This is a critical step because the property must pass an inspection to ensure it is safe and habitable for tenants. Once you confirm that your property meets these standards, you can confidently proceed with understanding that the $970 FMR will cover the subsidy portion of the rent.
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.