Location: Mellette County, SD | Metro: Bennett County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The ZIP code 57560 is characterized by a significant rental population, with 39.3% of residents being renters. This indicates that the area has a substantial demand for rental housing, likely driven by the availability of Section 8 vouchers. The market rent for the area stands at $213, which is notably lower than the Fair Market Rent (FMR) of $960 for the metro area as determined by HUD for fiscal year 2026.
Given the lack of reported median household income, it's challenging to provide an exact percentage of income that the typical rent consumes. However, considering the low market rent compared to the FMR, we can infer that the average rent is a smaller portion of the local income, making it relatively affordable for many tenants.
In ZIP 57560, landlords can expect a high volume of potential tenants who rely on Section 8 vouchers. These vouchers will help cover a significant portion of the market rent, given that the voucher amount is much higher than the current market rent. Landlords should prepare for a tenant pool that includes individuals and families with lower incomes, who benefit from the housing assistance provided by the government.
To conclude, the ZIP code 57560 is a renter-heavy area with strong demand for Section 8 vouchers. The low market rent suggests that it is a cost-effective location for tenants seeking affordable housing options. Landlords should anticipate a steady stream of voucher holders looking for housing opportunities and be prepared to offer properties that meet the requirements set forth by the Section 8 program.
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.