Location: Roberts County, SD | Metro: Marshall County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The ZIP code 57262 presents an interesting scenario for both renters and landlords. The median income here stands at $51,889, which is significantly lower than the market rate for rent, currently set at $656 per month according to Census ACS data. This discrepancy highlights a notable affordability gap for local households.
To further illustrate the challenge faced by renters, let's compare the market rate to the Fair Market Rent (FMR) standards. The FMR for the metro area in fiscal year 2026 is $930, which is much higher than the current market rate. However, this also means that the actual voucher payment, intended to cover rental costs, exceeds the typical market rate by a substantial margin. For instance, a voucher tenant would pay approximately 30% of their income toward rent, while the remaining amount would be covered by the voucher program. Given the median income, this would result in a significant subsidy for landlords who accept vouchers.
In ZIP 57262, where 46.3% of the 5,100 population are renters, the competition among landlords can be fierce. Accepting Section 8 vouchers could provide a competitive edge, especially when the market rate is already below the voucher payment standard. Landlords who opt for voucher tenants are likely to secure steady, government-backed rental income, which can be more reliable than cash-paying tenants.
The takeaway for landlords considering whether to accept vouchers or focus on cash-paying tenants is clear: accepting vouchers can be a financially beneficial strategy given the high subsidy amounts compared to the local market rate. While cash-paying tenants might offer slightly higher flexibility, the guaranteed income from voucher programs, coupled with the reduced risk of unpaid rent, makes it a compelling option in ZIP 57262.
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.