Location: Hyde County, SD | Metro: Faulk County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,500 |
| 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 median income in ZIP code 57345 stands at $75,735, which provides a solid foundation for assessing rental affordability. At a market rate of $940 per month, as reported by the Census ACS, a household in this area would spend approximately 14.7% of their annual income on rent alone. This percentage is generally considered manageable, but it does highlight a notable portion of disposable income dedicated to housing.
Comparatively, the Fair Market Rent (FMR) set for metro FY 2026 is $970, slightly above the current market rate. This indicates that the voucher payment standard aligns closely with what is being paid in the local rental market, offering little financial incentive for landlords to prefer voucher tenants over those paying cash.
With only 11.0% of the 941 residents identified as renters, the competition for rental properties in this ZIP code is relatively low. However, this also means that there is limited demand for rentals, which could impact a landlord's ability to fill vacancies quickly.
The affordability gap between the median income and both the market rate and FMR suggests that while many households can afford the current rents, they might be particularly sensitive to price increases. Landlords should consider this when setting rents or deciding whether to accept Section 8 vouchers.
For landlords weighing voucher versus cash-pay strategies, the key takeaway is that the financial benefit is minimal given the close alignment between market rates and FMR. The decision should therefore hinge more on factors such as the stability and reliability of voucher payments versus the potential for quicker vacancy fills with cash-paying tenants. Given the low percentage of renters, ensuring a steady stream of income might be more critical, making Section 8 vouchers a viable option despite the slight increase in administrative overhead.
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.