Section 8 Fair Market Rent (FMR) for ZIP 57359 - 2027

Location: Sanborn County, SD | Metro: Aurora County, SD

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$740
1 Bedroom	$950
2 Bedrooms	$1,060
3 Bedrooms	$1,470
4 Bedrooms	$1,690
5 Bedrooms	$1,960
6 Bedrooms	$2,195
7 Bedrooms	$2,371
8 Bedrooms	$2,490

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

652

Median Household Income

$106,818

Housing Units

287

Renter Percentage

12.4%

Occupancy Rate

81.5%

Renter Occupied

The town located in ZIP code 57359, situated in South Dakota, is characterized by its rural setting and low population density. This area is ideal for those seeking a quieter lifestyle away from urban centers, yet it maintains access to basic amenities and services.

Fair Market Rent (FMR): The Fair Market Rent for the metro area in fiscal year 2026 is set at $1,070 per month, indicating a stable housing market.
Market Rent: According to the Census ACS, the average market rent is $764, suggesting that rental properties can be priced competitively to attract tenants.
Renter Share: Only 12.4% of the population are renters, which implies a smaller pool of potential tenants but also a niche market opportunity for those willing to cater to specific needs.
Median Income: The median household income is $106,818, reflecting a relatively affluent community that could support higher rental rates or property values.
Days on Market (DOM): Data for days on market is not available, making it difficult to assess how quickly properties typically sell or rent out in this area.
Median Home Value: There is no available data for median home values, which might indicate a lack of significant residential sales activity or a predominance of rental units over owned homes.

In summary, ZIP 57359 presents a unique investment scenario with a strong median income base that supports modest rental prices. The fair market rent suggests a solid benchmark for pricing, while the limited renter share indicates a need for targeted marketing strategies. Investors should be cautious about the lack of data regarding median home values and days on market, as these metrics are crucial for understanding the local real estate dynamics. Despite these gaps, the area's economic health and stable rental market provide a promising environment for real estate investments, particularly for those looking to enter a less competitive market with potential for growth.

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.