Location: Charles Mix County, SD | Metro: Bon Homme County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 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 57315 is situated in a predominantly owner-occupied neighborhood with a population of 1,094 residents. Only 20.6% of the residents are renters, indicating a relatively low demand for rental properties. The median household income in this area stands at $73,750, which suggests a middle-class community where most residents can afford homeownership.
From an investment perspective, the rent economics in ZIP 57315 are noteworthy. The Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,070, while the actual market rent reported by the Census ACS is significantly lower at $650. This discrepancy highlights a potential opportunity for landlords and small-portfolio investors who can leverage the lower market rents to attract tenants, while still benefiting from the higher voucher amounts available through the Section 8 program.
Given these factors, ZIP 57315 might be better suited for a hands-off voucher operator rather than a hands-on value-add buyer. The lower percentage of renters and the significant gap between the FMR and the market rent indicate that there is less room for increasing rents through property improvements or active management. Instead, focusing on maintaining properties and securing tenants through the Section 8 program could be a more straightforward approach to generating steady, reliable income without requiring extensive capital improvements or ongoing operational adjustments.
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.