Location: Hutchinson County, SD | Metro: Hanson County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 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)
10.5% of the population in ZIP 57311 rents their homes, indicating a moderate demand for rental properties. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $930, which is significantly higher than the reported market rent of $781 based on Census ACS data. This suggests that landlords could potentially increase rents closer to the FMR without losing tenants. However, the median income of $103,839 provides a context where residents might be willing to pay more for quality living spaces, supporting the possibility of raising rents towards the FMR level. Despite the lack of specific data on days on market (DOM) and the percentage of price-cut shares, the discrepancy between the FMR and the current market rent points to an opportunity for landlords to adjust their pricing strategies. Given the absence of a median home value figure, it's clear that the focus in this area is more on rentals than on homeownership, further emphasizing the importance of the rental market. With these considerations, landlords and small-portfolio investors should take advantage of the current situation by ensuring their properties meet the standards that justify the higher FMR rates. The Section 8 program, with its fixed payment schedule, may not offer the best return on investment compared to market-rate rentals, especially considering the potential for increasing rents to align with the FMR. Therefore, the verdict on Section 8 participation for ZIP 57311 is: Not recommended.
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.