Location: Roberts County, SD | Metro: Grant County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
U.S. Census Bureau data (2024)
The median income in ZIP code 57266 stands at $72,500. At the current market rate of $775 per month for rent (as reported by the Census ACS), a household in this area would spend approximately 12.9% of their annual income on rent alone. This is calculated by multiplying the monthly rent by 12 and then dividing by the median income. While this figure suggests that renting at market rates is feasible for many households, it does not account for other living expenses such as utilities, food, healthcare, and transportation.
In comparison, the Fair Market Rent (FMR) standard set for the metro area for fiscal year 2026 is $1,010. This means that the government considers $1,010 to be a reasonable rent amount for this area. However, the actual market rate of $775 is significantly lower, indicating that there is a discrepancy between what the government deems affordable and what the market offers. The difference between the FMR and the market rate is $235 per month, which represents a substantial savings for tenants who choose to pay out-of-pocket rather than using a voucher.
With 25.7% of the 626 population being renters, the competition among landlords is relatively moderate. The affordability gap between the market rate and the FMR suggests that landlords could attract more tenants by offering units at or below the market rate. Additionally, the gap indicates that tenants might prefer to use vouchers to secure housing, given the higher payment standard compared to the market rate.
For landlords considering whether to accept Section 8 vouchers or focus on cash-paying tenants, the key takeaway is that while the voucher program allows for higher rental payments, the majority of potential tenants may find the current market rate more appealing due to its alignment with their financial capabilities. Landlords should weigh the benefits of steady, government-backed payments against the potential for a larger tenant pool willing to pay the market rate.
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.