Location: Walworth County, SD | Metro: Edmunds County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The ZIP code 57428 is characterized by a significant proportion of renters, comprising 35.8% of the population. Given the total population of 567, this translates into approximately 203 renters who could potentially benefit from the Section 8 housing voucher program. The median household income in this area stands at $64,375, which is an important figure when assessing the financial viability of renting properties to Section 8 tenants.
The typical market rent in ZIP 57428 is $783, which represents about 15.3% of the median household income. This indicates that the average renter can afford the typical market rent without excessive strain on their budget. However, it's worth noting that the Fair Market Rent (FMR) for the area is set at $930 for fiscal year 2026, which is higher than the current market rent. This suggests that there is a potential for rental prices to rise towards the FMR level, but currently, the market is below this benchmark.
In terms of the Section 8 tenant pool, landlords in ZIP 57428 can expect a mix of tenants who rely heavily on their vouchers to cover the majority of their rent. Since the market rent is lower than the FMR, vouchers can typically cover the full amount of rent, making it easier for landlords to accept these tenants without facing financial losses. However, the relatively low percentage of renters in the population means that while there is a decent pool of potential Section 8 tenants, it isn't overwhelming compared to the number of homeowners.
To summarize, ZIP 57428 has a moderate tenant population with a substantial reliance on Section 8 vouchers. Landlords should be prepared for a steady demand from voucher holders who can pay up to $783 per month, which is well within the current market range and slightly below the FMR. The expected tenant profile includes individuals and families who need assistance with housing costs due to lower incomes relative to the area's cost of living.
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.