Location: Charles Mix County, SD | Metro: Charles Mix County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,410 |
| 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)
When considering whether to invest in ZIP code 57361 for Section 8 properties, follow this decision tree:
1) Does FMR ($940 - metro FY 2026) cover debt service on a property?
No data is available to determine if the Fair Market Rent (FMR) of $940 can cover the debt service on a property. Without knowing the specifics of the debt service, including mortgage payments, taxes, insurance, and maintenance costs, it's impossible to make a definitive recommendation.
2) How does the market rent ($554 - Census ACS) compare to FMR?
The market rent of $554 is significantly below the FMR of $940. This suggests that the area is undervalued relative to the federal standards set for Section 8. Landlords who are willing to accept lower rents may find opportunities in this ZIP code, but they must ensure that the rent covers their expenses.
3) Is there sufficient demand with 74.7% renters and N/A-day days on the market (DOM)?
The rental market in ZIP 57361 has a strong demand base with 74.7% of residents being renters. However, without specific data on the average days on the market (DOM), it's difficult to assess how quickly properties are rented out. High demand could mean shorter DOM periods, which would be favorable for landlords looking to minimize vacancy rates.
If you can answer "yes" to the first question, meaning the FMR of $940 covers your debt service, then proceed to evaluate the second question. Given that the market rent is below the FMR, you should consider whether accepting a lower rent is feasible for your investment strategy.
Regarding the third question, the high percentage of renters indicates strong demand. But without knowing the DOM, it's uncertain how quickly you can expect to fill vacancies. If the DOM is low, it supports the idea that demand is robust enough to justify investment despite the lower market rents.
In summary, if the FMR of $940 can cover your debt service and you're prepared to accept a market rent of $554, the high percentage of renters makes ZIP 57361 a potentially viable option for Section 8 investments. However, the lack of DOM data introduces uncertainty about how quickly you can expect to lease out your properties.
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.