Location: Hamlin County, SD | Metro: Clark County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 57243 is set at $1,050 per month for the fiscal year 2026. This figure represents the payment standard that landlords will receive from the government under the Section 8 program, not the amount tenants will pay. It's important to note that this is a fixed amount regardless of your property's actual market value.
In comparison, the average rent for a two-bedroom apartment in ZIP 57243, based on Census American Community Survey (ACS) data, is $1,083. This indicates that the FMR is slightly below the local average, which could affect your decision-making process. However, the Section 8 program guarantees timely payments, which can be beneficial despite the lower rates.
The renter share in this area is 10.5%, suggesting a moderate demand for rental properties. While this percentage isn't exceptionally high, it does indicate that there is a steady pool of potential tenants who might benefit from the Section 8 program. The median home value in the area is around $527,105, which can give you an idea of the typical acquisition cost for a property in this ZIP code.
Before deciding to participate in the Section 8 program, ensure that your property meets all the necessary requirements for the program. This includes passing a housing quality standards (HQS) inspection and being priced competitively within the voucher limits. These steps are crucial to avoid any delays in renting out your property and to ensure compliance with the program's guidelines.
Participating in Section 8 can be a stable choice for landlords and small-portfolio investors looking to enter the rental market in ZIP 57243. Despite the lower payment rates compared to the local average, the guaranteed income and tenant screening process can provide peace of mind. Just make sure your property is ready to go before you commit to the 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.