Location: McPherson County, SD | Metro: Edmunds County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
10.2% of residents in ZIP 57448 are renters, indicating a modest demand for rental properties in the area. However, the Federal Market Rent (FMR) for the metro area in fiscal year 2026 is set at $960, which represents the maximum amount Section 8 tenants can be expected to pay for housing. This figure is crucial for landlords considering participation in the program.
$66,538 is the median income for ZIP 57448, which is lower than the national average. This economic context suggests that many residents may rely on government assistance programs such as Section 8 to afford housing. The lack of data on market rent and median home value makes it challenging to compare the FMR against local standards, but it does highlight a gap in available information for landlords.
The absence of data regarding days on market (DOM) and the percentage of price-cut shares indicates stability in the housing market or a lack of recent sales activity. For landlords, this means less fluctuation in property values and potentially fewer challenges in maintaining competitive rents. However, it also points to a need for caution when setting expectations for rental income growth.
In ZIP 57448, landlords should consider the FMR of $960 as a reliable benchmark for Section 8 rents, given the limited availability of other market indicators. With 10.2% of the population renting, there is a steady, though not overwhelming, base of potential tenants. The lower median income of $66,538 supports the relevance of Section 8 in the local market, offering a stable source of tenants who can meet their rent obligations through government subsidies.
A final consideration for landlords is the broader economic environment, where a median income of $66,538 might limit the pool of non-assisted renters. Therefore, participating in Section 8 could be a strategic move to ensure occupancy rates remain high and cash flows are consistent.
Section 8 Verdict: Participation in Section 8 is advisable for landlords in ZIP 57448 to secure a steady stream of tenants and maintain consistent rental income.
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.