Location: Spink County, SD | Metro: Faulk County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The ZIP code 57469, located in Redfield, SD, stands out within Spink County due to its unique demographic and economic profile. With a total population of 2,866 residents, it has a rental rate of 38.9%, indicating a significant portion of the community opts for leasing over ownership. The median income for the area is $66,111, which is relatively modest compared to larger metropolitan areas but provides a stable financial base for local residents. Notably, the median home value in Redfield is $162,977, suggesting that homeownership is attainable for many families within the region.
Moving into the specifics of Section 8 housing, the Fair Market Rent (FMR) for a metro area like Redfield is set at $930 for fiscal year 2026. However, the actual market rent, based on Census American Community Survey data, is $773. This gap between the FMR and the market rent means that landlords participating in the Section 8 program can expect to receive higher rents than the average market rate, providing a financial incentive to accept vouchers. The difference of $157 per month represents a significant advantage for landlords, ensuring that their properties remain competitive and financially viable.
Based on the data available, the ZIP code 57469 presents a stable environment for both landlords and small-portfolio investors. The combination of a manageable rental market and a slightly above-average median income supports steady demand for rental properties. Moreover, the participation in the Section 8 program offers a reliable source of income, mitigating risks associated with tenant turnover and non-payment. The consistent income from Section 8 vouchers, coupled with the modest but stable median home values, indicates that Redfield's real estate market is unlikely to experience rapid changes, making it an attractive option for those seeking a predictable investment climate.
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.