Location: Kingsbury County, SD | Metro: Kingsbury County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 57249, as set by the U.S. Department of Housing and Urban Development for metro fiscal year 2026, is $930. This figure represents the payment standard for Section 8 housing vouchers, which means that if you participate in the program, this is the amount the government will pay towards your tenant's rent. However, it is important to note that the FMR does not dictate the actual rent you can charge; it sets an upper limit on what the voucher can cover.
To put this into perspective, the average rent in ZIP 57249, according to Census ACS data, is $618. This suggests that the FMR is higher than the typical market rate, potentially offering landlords a better return on investment compared to standard rental rates.
The rental share in ZIP 57249 is 24.1%, indicating that nearly a quarter of the households in this area are renters. This provides a solid base of potential tenants who might be interested in Section 8 housing, ensuring there is demand for your property. The fact that the acquisition cost is listed as N/A means there isn't specific data available on the average cost of buying a rental property in this ZIP code, so you'll need to research local real estate prices independently to determine your investment costs.
Before proceeding with a Section 8 rental in ZIP 57249, it is crucial to verify that your property meets all the necessary inspection criteria. The housing must be deemed safe, decent, and sanitary, and these standards are strictly enforced. Failure to meet these requirements can result in rejection from the program or penalties.
In summary, the FMR of $930 provides a clear benchmark for the government's contribution to your tenant's rent, while the average rent of $618 shows that this could be a financially viable option. With a significant portion of households renting, there is a strong demand for affordable housing. Ensure your property is fully compliant with inspection standards to avoid any issues once you're part of 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.