Section 8 Fair Market Rent (FMR) for ZIP 57645 - 2027
Location: Corson County, SD | Metro: Grant County, ND
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $720 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$56,667
To analyze the investment potential in ZIP 57645 for landlords and small-portfolio investors, let's address some common concerns.
- Will FMR $930 (metro FY 2026) cover the mortgage on a home?: Without specific home price data, we cannot definitively say whether the Fair Market Rent (FMR) of $930 will cover the mortgage. However, if we consider a typical mortgage rate of around 4%, a home priced at $186,000 or less would likely have a monthly mortgage payment under $930, making it feasible for renters to cover the cost. For higher-priced homes, additional income sources or higher rents may be necessary.
- Is there enough renter demand at 16.7%?: A rental market share of 16.7% suggests moderate demand. While this is lower than some metropolitan areas, it still represents a significant portion of the housing market. The key here is to understand the local rental dynamics. If there are seasonal fluctuations or a steady influx of tenants due to employment opportunities, the demand could be sufficient to sustain rental properties.
- Will vouchers keep pace with market rents?: Vouchers are designed to help low-income families afford decent housing. In ZIP 57645, the voucher payment standard is expected to cover 100% of the FMR. This means that for a property renting at $930, the voucher should provide adequate compensation. However, the effectiveness of vouchers depends on the local cost of living and the availability of affordable units. If market rents exceed the FMR significantly, vouchers might fall short, requiring landlords to either accept lower profits or seek non-voucher tenants.
The data provides a snapshot of the rental market in ZIP 57645 but does not offer a complete picture of the local economy or housing supply. It is crucial to conduct further research on local job markets, population growth, and housing stock to make informed investment decisions.
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.