Location: Douglas County, SD | Metro: Charles Mix County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 57313, set at $930 for metro fiscal year 2026, is the maximum amount that the U.S. Department of Housing and Urban Development (HUD) will pay under the Section 8 program. This means that landlords participating in Section 8 will receive a subsidy up to $930 per month for a rental unit in this area, regardless of the actual market rent.
To put this into perspective, the average rent in ZIP 57313 is currently $794 according to the Census Bureau's American Community Survey (ACS). The FMR of $930 is higher than the local average, which can be beneficial for landlords who are willing to participate in the Section 8 program. This discrepancy suggests that there is potential for landlords to cover their costs and make a profit, even if they have to accept a lower rent than what they might charge to private tenants.
The 20.9% share of renters in ZIP 57313 indicates a significant portion of the population relies on renting as their primary housing solution. This high percentage of renters can translate into a strong demand for affordable housing options, including those supported by Section 8 vouchers. With a substantial number of potential tenants, landlords can expect a steady stream of applications and less downtime between tenants.
Note that the acquisition cost is listed as N/A, meaning there isn't specific data available regarding the purchase price of rental properties in ZIP 57313. However, this doesn't necessarily mean you cannot acquire a property; it simply means that you should conduct thorough research to understand the local real estate market and property values.
Before committing to a Section 8 rental property in ZIP 57313, verify that your property meets all the necessary requirements for the program. This includes ensuring that the rental unit passes a housing quality standards (HQS) inspection and that the rent is reasonable compared to other similar units in the area. By confirming these details, you can ensure that your investment will be eligible for the subsidy and will attract qualified tenants.
In summary, the FMR of $930 provides a clear benchmark for the maximum subsidy payment landlords can receive in ZIP 57313. Given the local average rent of $794 and the 20.9% share of renters, there is a solid demand for affordable housing, making Section 8 a viable option for landlords and small-portfolio investors looking to enter this market. Ensure your property meets HQS and has a reasonable rent to avoid complications.
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.