Section 8 Fair Market Rent (FMR) for ZIP 57241 - 2027

Location: Hamlin County, SD | Metro: Hamlin County, SD

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$710
1 Bedroom	$780
2 Bedrooms	$1,010
3 Bedrooms	$1,340
4 Bedrooms	$1,350
5 Bedrooms	$1,566
6 Bedrooms	$1,754
7 Bedrooms	$1,894
8 Bedrooms	$1,989

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

936

Median Household Income

$85,833

Housing Units

471

Renter Percentage

29.2%

Occupancy Rate

81.5%

Renter Occupied

112

The ZIP code 57241, located in Lake Area, South Dakota, offers a unique blend of rural charm and suburban convenience. The region is characterized by its tranquil environment and strong community ties, making it an attractive place for both residents and investors.

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $930, indicating a stable housing market that supports moderate rental pricing.
The market rent, according to the Census American Community Survey, stands at $761, which is below the FMR but still presents opportunities for landlords who can offer competitive amenities.
The median home value in the area is $305,359, reflecting a modest cost of property acquisition for those interested in investing in homeownership opportunities.
Renters make up 29.2% of the population, suggesting a solid demand for rental properties and a diverse mix of housing needs.
The median income in the area is $85,833, providing evidence of a financially stable community capable of supporting consistent rental payments and property values.

Synthesizing these points, investors should recognize the potential for steady returns in ZIP 57241. With a median income that supports rental affordability and a modest median home value, there's a balanced opportunity for both rental and homeownership investments. The gap between the Fair Market Rent and the actual market rent provides a strategic window for landlords to enhance their offerings and capture a larger share of the rental market. Given the sizeable renter share, there remains a robust demand for well-managed rental properties, making this area a viable option for small-portfolio investors looking for reliable investment 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.