Location: Charles Mix County, SD | Metro: Charles Mix County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
U.S. Census Bureau data (2024)
10.3% of residents in ZIP 57367 are renters, indicating a moderate demand for rental properties in the area. The Fair Market Rent (FMR) for ZIP 57367, as set by HUD for metro FY 2026, is $970, which provides a benchmark for rental pricing in compliance with Section 8 guidelines. In comparison, the Census ACS reports a market rent of $850, suggesting that the actual rents charged in the area are below the HUD-set FMR. This difference can be advantageous for landlords looking to offer competitive rents while still meeting Section 8 requirements.
$87,188 is the median household income in ZIP 57367, which is an important figure for assessing the financial stability of potential tenants. Although the median home value is not available, the lack of data on days on market (DOM) and the percentage of homes that have had their prices cut indicates a stable housing market without significant fluctuations in property values. This stability can be beneficial for long-term investments in the area.
The gap between the FMR and the market rent suggests that there is room for landlords to increase rents slightly above the current market rates while remaining within the Section 8 limits. This can help cover maintenance costs and provide a better return on investment. Additionally, the lower market rent compared to the FMR means that landlords who participate in the Section 8 program can expect to receive higher rental payments than they might otherwise charge.
In conclusion, the data from ZIP 57367 supports participation in the Section 8 program as a viable strategy for landlords and small-portfolio investors. With a fair market rent of $970 and a current market rent of $850, the area offers opportunities for steady returns without overstepping the financial comfort levels of tenants. The median income of $87,188 further bolsters the case for reliable tenant payment histories. Participation in Section 8 in ZIP 57367 is recommended.
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.