Location: Mellette County, SD | Metro: Mellette County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
The ZIP code 57585 stands out due to its small resident population of only 114 individuals, with a significant portion of 38.6% renting their homes. Despite the limited demographic data available, such as the median income and home value being marked as N/A, the economic dynamics of rental housing in this area provide valuable insights.
In terms of voucher economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $970. This figure contrasts sharply with the current market rent, which according to Census ACS data, averages at $696. The disparity between the FMR and the actual market rent suggests that landlords in ZIP 57585 could potentially benefit from participating in the Section 8 program, as it would allow them to charge closer to the FMR rate, thereby increasing their rental income.
The data signature for ZIP 57585 reads as transitional. With a high percentage of renters and a small overall population, the area likely experiences frequent changes in occupancy and tenant demographics. The gap between the FMR and market rent also indicates potential shifts in the local housing market, influenced by federal guidelines and economic realities. Landlords and small-portfolio investors should remain vigilant about these trends and consider how they might impact their investment strategies in the coming years.
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.