Section 8 Fair Market Rent (FMR) for ZIP 57368 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$820
1 Bedroom	$980
2 Bedrooms	$1,180
3 Bedrooms	$1,630
4 Bedrooms	$1,860
5 Bedrooms	$2,158
6 Bedrooms	$2,417
7 Bedrooms	$2,610
8 Bedrooms	$2,741

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,068

Median Household Income

$74,688

Housing Units

489

Renter Percentage

31.3%

Occupancy Rate

85.5%

Renter Occupied

131

The town located in ZIP code 57368 is part of a rural community in South Dakota, characterized by a modest cost of living and a significant portion of residents who prefer renting over homeownership. This area presents a unique opportunity for real estate investors looking to tap into a stable rental market.

The Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,010, providing a benchmark for rental pricing that reflects the local economic conditions.
The market rent, based on the latest Census American Community Survey (ACS) data, stands at $940. This figure indicates that the current rental rates are slightly below the FMR, suggesting potential for modest rent increases without alienating tenants.
The median home value is currently N/A, which can be attributed to the limited number of sales transactions in the area, making it difficult to establish a reliable median value. However, this also implies a low competition in the rental sector.
Renters constitute 31.3% of the housing market in this ZIP code, a significant share that underscores the demand for rental properties among residents who may prefer not to invest in homeownership.
The Days on Market (DOM) is N/A, indicating that there isn't enough recent transactional data to determine how quickly properties are being rented out. However, given the area's characteristics, it is likely that rental properties are occupied relatively quickly.
The median household income in the area is $74,688, offering insight into the financial capacity of potential tenants and the overall economic stability of the community.

Synthesizing these points, the town in ZIP 57368 offers a promising investment opportunity for those interested in the rental market. With a fair market rent benchmark of $1,010 and current market rents at $940, there is room for slight increases to align with the FMR, ensuring profitability without becoming unaffordable for tenants. The significant share of renters, at 31.3%, signals a strong demand for rental properties, while the median income of $74,688 supports the ability of residents to meet rent obligations. Despite the lack of specific data on median home values and days on market, the overall economic stability and the favorable rental environment suggest that properties in this area will continue to attract tenants, making it a solid choice for small-portfolio investors and landlords seeking steady returns.

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.