Location: Marshall County, SD | Metro: Brown County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 57432 are straightforward. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment is set at $930 per month for fiscal year 2026. This figure is specific to this ZIP code, meaning it reflects the local rental conditions accurately.
A landlord might wonder what this means in terms of actual income. A Section 8 voucher holder pays 30% of their adjusted income towards rent. The remainder, up to the SAFMR, is covered by the Housing Choice Voucher program. For example, if a tenant's adjusted income is $1,500 per month, they would pay $450 towards rent, and the government would cover the rest up to $930. This is calculated as follows:
Note that the SAFMR does not include utilities. Utility allowances vary but can be significant. In ZIP 57432, the allowance for a two-bedroom apartment is approximately $150 per month. This amount is added to the voucher payment, bringing the total reimbursement close to $630 in our example above.
The SAFMR is designed to ensure that rents remain affordable for low-income families while providing landlords with a stable source of income. However, the local market rent in ZIP 57432 is currently unavailable, which means we cannot compare the SAFMR directly to market rates. Despite this, landlords can expect to receive a consistent payment each month, which is especially beneficial in volatile economic times.
In conclusion, the typical reimbursement gap or surplus for a two-bedroom apartment in ZIP 57432 would be determined by comparing the $930 SAFMR to the actual market rent. Since the market rent is not available, landlords should focus on the guaranteed monthly payment structure and utility allowances provided by the Section 8 program.
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.