Section 8 Fair Market Rent (FMR) for ZIP 57547 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in ZIP code 57547, which is located in Long Valley, South Dakota, is set at $1,040 for fiscal year 2026. This figure is specifically tailored for this ZIP code, indicating the rate is set for this particular area rather than being uniform across the county.

Unfortunately, specific local market rent data for ZIP 57547 is not available. However, it is important to note that the SAFMR is based on the 40th percentile of market rents, meaning that 40% of similar units rent for less than this amount.

In the context of Section 8 vouchers, the reimbursement to landlords is calculated based on the SAFMR minus the tenant's portion of the rent, plus any utility allowances. Typically, the tenant pays 30% of their adjusted income towards rent, while the voucher covers the remaining balance up to the SAFMR limit.

Assuming an average adjusted income for tenants in this area, the reimbursement gap or surplus can be calculated. If the local market rent exceeds the SAFMR of $1,040, landlords will face a reimbursement gap. Conversely, if the local market rent is below $1,040, landlords will receive a surplus.

Given the lack of precise local market rent data, it is recommended to monitor market trends closely to ensure optimal pricing for your property. The SAFMR serves as a benchmark, but actual market conditions can vary significantly.

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.