Location: Ziebach County, SD | Metro: Meade County, SD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,930 |
| 5 Bedrooms | $2,239 |
| 6 Bedrooms | $2,508 |
| 7 Bedrooms | $2,709 |
| 8 Bedrooms | $2,844 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 57626 in fiscal year 2024 is set at $920. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program. It does not reflect the rent amount you can charge; rather, it's the maximum amount the housing authority will pay on behalf of the tenant.
To put this into perspective, the average rent for ZIP 57626 based on Census American Community Survey data is $566. This indicates that the Section 8 payment standard is significantly higher than the typical market rate, providing a potential advantage for landlords who qualify.
In ZIP 57626, approximately 20% of residents are renters. This suggests a moderate demand for rental properties, particularly those that can accommodate Section 8 vouchers. The median home value in the area is around $282,565, which is the price point for acquiring a property. If you're looking to enter the rental market with a Section 8 property, this figure helps you understand the investment required.
Before committing to a Section 8 rental property, verify that the property meets all local housing quality standards (HQS). These standards ensure that the unit is safe, decent, and sanitary, and failure to meet these criteria can result in reduced payments or termination from the program.
The difference between the FMR and the average rent highlights the financial benefit of participating in the Section 8 program. However, it's important to note that the actual rent you receive may be lower than the FMR, as tenants typically contribute a portion of their income towards rent.
The local renter share of 20% also implies that while there is demand, it may not be overwhelming. This could mean that competition among landlords for Section 8 tenants might be less intense compared to areas with a higher percentage of renters.
Investing in a Section 8 rental property requires careful consideration of the costs involved in bringing your property up to HQS standards, but the higher payment standard can provide a stable source of income. With an average market rent of $566 and a Section 8 payment standard of $920, landlords have a clear incentive to participate in the 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.