Location: Tripp County, SD | Metro: Tripp County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The market dynamics in ZIP code 57528 reveal a snapshot where rental housing plays a significant role, with a strong 36.4% of residents identifying as renters. This high proportion of renters suggests a consistent long-term housing pressure, indicating that a substantial portion of the population finds renting a preferable or necessary option over homeownership. The Fair Market Rent (FMR) for the area, set at $930 for fiscal year 2026, is notably higher than the actual market rent reported at $813, based on recent Census American Community Survey (ACS) data. This discrepancy implies that the rental market may be approaching equilibrium or experiencing slight upward pressure as the market adjusts to meet the FMR benchmark.
The lack of specific data on price-cut share and days on market (DOM) for homes indicates a stable market condition without significant fluctuations in home sale prices or inventory levels. However, the absence of a median home value figure points to either a limited dataset or a market where homeownership is less prevalent compared to renting. Given the high renter share, it's reasonable to infer that demand for rental properties is likely robust, potentially leading to a scenario where demand slightly outpaces supply. Landlords and small-portfolio investors should monitor local economic indicators closely to gauge the potential for rental rate increases as the market continues to evolve towards the FMR target.
In summary, ZIP 57528 presents a market heavily reliant on rental housing, with a significant portion of residents choosing to rent rather than own. The gap between the FMR and the current market rent suggests a gradual upward trend in rental rates, driven by federal guidelines rather than immediate market pressures. For investors, the high renter share signals a steady demand for rental properties, making this area a viable investment opportunity, especially in the context of rental properties that can command rates closer to the FMR without significant vacancy risks.
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.