Location: Corson County, SD | Metro: Corson County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
In ZIP code 57621, the economics of Section 8 housing can be clearly defined using the provided data points. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment in this ZIP code is set at $930 per month for the fiscal year 2026. This figure represents the maximum amount that the housing authority will pay to landlords participating in the Section 8 program.
The local market rent, according to the Census ACS, is significantly lower at $592 per month. This discrepancy highlights the potential financial dynamics involved when landlords choose to accept Section 8 vouchers. It's important to understand how the voucher system works to accurately assess the economic impact on landlords.
A Section 8 voucher covers the difference between the tenant's contribution and the SAFMR. Tenants are typically required to pay 30% of their adjusted income towards rent. In ZIP 57621, if a tenant's share of the rent is calculated based on the SAFMR, it would be $279 (30% of $930), leaving the remaining $651 to be covered by the housing authority. However, the actual reimbursement to the landlord is subject to the following:
Note that the SAFMR of $930 applies specifically to this ZIP code, meaning it is set for this particular area and reflects the local rental market conditions as perceived by the housing authority. This contrasts with a metro-scope FMR, which would apply uniformly across a larger area.
To further clarify, the reimbursement does not include utilities unless specified under utility allowances. These allowances vary but are designed to cover a portion of the tenant's utility expenses. Landlords should check the specific utility allowance rates applicable to their property type and location.
Given the local market rent of $592, landlords accepting a Section 8 voucher for a two-bedroom unit in ZIP 57621 will see a surplus of $338 per month. This surplus is the difference between the SAFMR ($930) and the local market rent ($592). Therefore, even after accounting for the tenant's contribution and any utility allowances, landlords will still receive more than the average market rate for a two-bedroom apartment in this ZIP code.
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.