Section 8 Fair Market Rent (FMR) for ZIP 57465 - 2027
Location: Spink County, SD | Metro: Faulk County, SD
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $720 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$120,250
When considering whether to purchase a property in ZIP code 57465 for Section 8 investment, follow this decision tree:
- Does FMR $940 (metro FY 2026) clear debt service on a $240,366 property?
- If you can secure a mortgage rate that allows the FMR to cover your monthly payments, then the answer is yes. Assuming a standard debt service ratio, a property valued at $240,366 would require a monthly payment that the $940 FMR must exceed.
- If the FMR does not cover the debt service, the answer is no. This would mean the rental income from Section 8 is insufficient to meet the financial obligations of owning the property.
- Is market rent above, at, or below FMR?
- The market rent is currently N/A, which means there isn't sufficient data to determine if it's above, at, or below the FMR of $940. Without this information, it's challenging to gauge how competitive Section 8 rents will be in the local market.
- Are 8.2% renters + N/A-day DOM enough demand?
- The 8.2% of renters indicates a moderate level of demand for rental properties in ZIP 57465. However, without knowing the average days on market (DOM), it's unclear how quickly units might lease.
- If the DOM is low, it suggests strong demand and a good opportunity for Section 8 properties. Conversely, if the DOM is high, it implies weaker demand, making it harder to fill units promptly.
To summarize, the decision to invest in ZIP 57465 for Section 8 hinges on your ability to manage the property's debt service with the FMR of $940. The lack of market rent data complicates assessing the competitiveness of Section 8 rates, but the 8.2% of renters points to a steady, though not overwhelming, demand for rentals. The missing DOM figure is crucial for understanding leasing speed; once known, it will clarify whether the demand is robust enough to support timely tenancy.
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.