Location: Miner County, SD | Metro: Hanson County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The analysis for ZIP code 57340 in Fulton, SD, reveals a significant gap between the Fair Market Rent (FMR) set by HUD and the actual market rent. For fiscal year 2026, the FMR is $980, while the market rent based on Census ACS data is $319. This means there is a $661 difference, or a 207.2% premium, in favor of the FMR.
The disparity indicates that voucher tenants can significantly boost rental yields. With the FMR well above the market rent, landlords who accept Section 8 vouchers can benefit from higher guaranteed payments. This makes it a compelling investment strategy for landlords and small-portfolio investors looking to maximize returns.
In the broader context, 9.0% of residents in ZIP 57340 are renters, and the median household income is $58,500. Despite the high FMR, the median home value is listed as N/A, which suggests limited data availability or a predominantly rental-based market. The median income figure provides insight into the financial capacity of the local population, indicating that many may rely on government assistance for housing.
Given the substantial difference between FMR and market rent, accepting Section 8 tenants can be a strategic move for landlords. It ensures a steady income stream at rates higher than what the open market offers, thereby improving the overall yield on rental properties 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.