Section 8 Fair Market Rent (FMR) for ZIP 57335 - 2027

Location: Gregory County, SD | Metro: Gregory County, SD

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$760
1 Bedroom	$840
2 Bedrooms	$1,020
3 Bedrooms	$1,360
4 Bedrooms	$1,670
5 Bedrooms	$1,937
6 Bedrooms	$2,169
7 Bedrooms	$2,343
8 Bedrooms	$2,460

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

303

Median Household Income

$92,813

Housing Units

168

Renter Percentage

9.9%

Occupancy Rate

83.9%

Renter Occupied

The ZIP code 57335 stands out due to its unique demographic and economic characteristics. With only 303 residents, it is among the least populated areas, making any statistical analysis particularly sensitive to changes. The rental rate of 9.9% indicates that most of the population owns their homes, though the lack of data on median home value suggests either a very homogeneous housing market or a scarcity of transactions to provide reliable statistics.

The median income in ZIP 57335 is $92,813, which places it above the national average and implies a relatively affluent community. However, the absence of market rent data means that we cannot directly compare the Federal Market Rent (FMR) to local market rates. The FMR for the metro area covering ZIP 57335 is set at $950 for fiscal year 2026, but without knowing the current market rents, it's challenging to assess the attractiveness of this ZIP for Section 8 vouchers.

Despite these limitations, landlords and small-portfolio investors should consider the following points:

Affordability: The $950 FMR is likely to be lower than the actual market rent, which could make properties in this ZIP less attractive for voucher holders.
Demand: Given the low rental rate, there may not be a high demand for rental units, which could affect the utilization of Section 8 vouchers.
Economic Stability: The higher median income suggests that residents are financially stable, which might translate into fewer challenges with collecting rent from voucher participants.

Based on the available data, ZIP 57335 appears to have a stable housing market with a strong inclination towards homeownership. However, the limited data on rental properties and median home values suggest a transitional phase where the rental market dynamics are unclear. Landlords should proceed with caution, considering the potential mismatch between FMR and actual market rents, while also recognizing the opportunity to serve a financially secure community.

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.