Location: Mellette County, SD | Metro: Jones County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,310 |
| 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 in ZIP code 57559 presents a dynamic landscape that is indicative of ongoing housing pressures. With a Fair Market Rent (FMR) set at $930 for the fiscal year 2026, there is a notable gap between what the government deems fair and the actual market rent, which stands at $534 according to the Census American Community Survey (ACS).
This disparity suggests that the rental market in 57559 is currently underserved by the Section 8 program, potentially due to a mismatch between the available units and the income levels of eligible tenants. The FMR figure reflects a higher standard of living cost compared to what the average tenant might be able to afford, indicating a possible strain on the local housing market.
The 26.8% renter share highlights an important aspect of the ZIP's housing dynamics. This percentage is significant because it implies a substantial portion of the population relies on rental housing, which can exert long-term pressure on the availability of affordable units. For landlords and small-portfolio investors, this means a consistent demand for rental properties, but also a challenge in pricing units to attract tenants while maintaining profitability.
The lack of data on price-cut share, days on market (DOM), and median home value does not obscure the underlying trend. The fact that market rents are significantly below the FMR suggests that there is likely an oversupply of rental units relative to demand, at least within the context of Section 8 eligibility. This oversupply could be due to a variety of factors, including a high vacancy rate or an abundance of low-cost rental options.
In conclusion, ZIP code 57559 operates under a housing market that is heavily influenced by rental dynamics. The current situation points towards a scenario where the supply of rental units may exceed demand, particularly for those participating in the Section 8 program. However, the persistent renter share underscores the enduring need for affordable housing, which poses both opportunities and challenges for property owners in the area.
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.