Section 8 Fair Market Rent (FMR) for ZIP 57438 - 2027

Location: Faulk County, SD | Metro: Faulk County, SD

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$800
1 Bedroom	$880
2 Bedrooms	$1,150
3 Bedrooms	$1,480
4 Bedrooms	$1,810
5 Bedrooms	$2,100
6 Bedrooms	$2,352
7 Bedrooms	$2,540
8 Bedrooms	$2,667

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

973

Median Household Income

$70,673

Housing Units

557

Renter Percentage

34.6%

Occupancy Rate

74.1%

Renter Occupied

143

The ZIP code 57438, located in South Dakota, is a region that offers unique opportunities for real estate investment, particularly in the context of Section 8 housing. This area is characterized by a blend of rural charm and suburban convenience, making it attractive for both families and individuals seeking affordable living solutions.

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,040, providing a benchmark for rental prices in the region.
The average market rent, based on Census ACS data, stands at $791, indicating that there is room for price adjustment towards the FMR level.
The median home value is currently N/A, suggesting that the area may lack significant residential property listings or recent sales data, which could be due to the rural nature of the region.
Renters make up 34.6% of the population, showing a substantial demand for rental properties and underscoring the potential for Section 8 investments.
The Days on Market (DOM) for properties is N/A, which might indicate that sales activity is low, possibly due to the limited number of transactions or the rural setting of the area.
The median household income in the region is $70,673, offering insight into the economic profile of the residents and their ability to afford higher rents or homeownership.

For investors looking to enter the Section 8 housing market in ZIP 57438, the data suggests that there is a solid foundation for investment. With a significant portion of the population renting and a median income above the national average, the area presents a stable demand for affordable housing. The gap between the current market rent and the FMR also indicates potential for increasing rental rates while still remaining within the affordable range for tenants. However, the absence of median home values and DOM data points to a less active real estate market, which could mean fewer opportunities for flipping homes but also less competition for long-term rental investments. Overall, ZIP 57438 offers a balanced environment where Section 8 properties can thrive, provided investors focus on meeting the needs of the local tenant pool.

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.