Section 8 Fair Market Rent (FMR) for ZIP 57532 - 2027

Location: Stanley County, SD | Metro: Lyman County, SD

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$840
1 Bedroom	$920
2 Bedrooms	$1,200
3 Bedrooms	$1,540
4 Bedrooms	$1,890
5 Bedrooms	$2,192
6 Bedrooms	$2,455
7 Bedrooms	$2,651
8 Bedrooms	$2,784

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,929

Median Household Income

$87,966

Housing Units

1,426

Renter Percentage

17.3%

Occupancy Rate

88.4%

Renter Occupied

218

The economics of Section 8 in ZIP code 57532 are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2026 is set at $1,030. This figure represents the maximum amount that the Housing Choice Voucher program will pay for a two-bedroom rental unit in this area.

In contrast, the local market rent for a two-bedroom apartment, according to the Census ACS, is $952. This indicates that the average rent charged for similar units is below the SAFMR threshold.

A landlord participating in the Section 8 program should understand how the voucher payment works. The total reimbursement includes:

The tenant's portion of the rent, which is typically 30% of their adjusted income.
The difference between the tenant's portion and the SAFMR, which is paid by the housing authority.
Utility allowances, which vary but can be significant in reducing the financial burden on tenants.

To illustrate, if a tenant has an adjusted income that calculates to a monthly rent contribution of $300, and the utility allowance is $100, the housing authority would cover the remaining $630 to reach the SAFMR of $1,030. Therefore, the landlord receives the full SAFMR amount of $1,030.

Given that the local market rent is $952, landlords in ZIP 57532 can expect a surplus when renting to a Section 8 tenant. The surplus, or the difference between the SAFMR and the local market rent, is $78 per month. This means that landlords can collect the standard market rent and still receive the higher SAFMR rate from the housing authority, resulting in a positive financial impact on their investment.

Note that the SAFMR applies specifically to this ZIP code, ensuring that the rate reflects the local rental market conditions accurately.

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.