Location: Hutchinson County, SD | Metro: Sioux Falls, SD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
U.S. Census Bureau data (2024)
The ZIP code 57319 is situated in a rural area of South Dakota, characterized by a small population of 881 residents. Only 20.6% of these residents are renters, indicating a predominantly owner-occupied community. The median household income in this area stands at $69,792, which is relatively modest compared to urban centers but aligns well with the state's average. The median home value is $224,407, reflecting the modest cost of living typical in such regions.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 57319 in fiscal year 2024 is set at $920. This figure is notably higher than the reported market rent of $729, based on data from the Census Bureau's American Community Survey (ACS). This discrepancy suggests that there might be an opportunity for landlords who can provide quality housing to attract tenants willing to pay closer to the FMR rates.
Given these economic parameters, ZIP 57319 may suit both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the higher FMR could mean steady cash flow from Section 8 tenants without the need for extensive property management. On the other hand, value-add buyers could see potential in upgrading properties to command rents closer to the FMR, thereby increasing their returns. However, the low percentage of renters and the modest income levels should be considered when evaluating the demand for rental units in this area.
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.