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 ZIP code 57541 presents a unique opportunity for landlords and small-portfolio investors interested in Section 8 tenants. With a population of 163, the area has a significant rental market presence, with 28.6% of residents being renters. This indicates that while not overwhelmingly dominated by renters, there is still a notable demand for rental properties.
The median household income in this ZIP code is notably high at $250,001, which contrasts sharply with the average market rent of $725. To put this into perspective, the typical rent consumes only about 0.3% of the local median income. This low percentage suggests that the majority of potential tenants in this area could afford higher rents, indicating a relatively strong financial capability among the residents.
Comparing the market rent to the Fair Market Rent (FMR) of $990 for fiscal year 2026, it's evident that the current market rent is below the FMR. This discrepancy implies that landlords in ZIP 57541 can potentially increase their rental rates closer to the FMR without losing out on tenant applications, given the economic conditions of the area.
A landlord in ZIP 57541 should expect a tenant profile characterized by individuals who have the financial means to cover substantial portions of their rent through Section 8 vouchers. The combination of a high median income and a relatively low market rent makes it likely that tenants will be able to contribute a larger share of the total rent amount, reducing the risk typically associated with Section 8 tenancies. However, due to the small population size, the number of available Section 8 vouchers might be limited, affecting the overall volume of voucher-supported tenants.
In conclusion, ZIP 57541 offers a mix of economic stability and rental market dynamics that can benefit landlords willing to engage with Section 8 tenants. The area's high median income supports a robust ability to pay rent, even when considering the use of vouchers. Landlords should prepare for a scenario where they can command rents closer to the FMR, while still attracting financially capable tenants who utilize Section 8 assistance.
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.