Location: Rapid City, SD | Metro: Rapid City, SD HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,220 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,750 |
| 3 Bedrooms | $2,240 |
| 4 Bedrooms | $2,930 |
| 5 Bedrooms | $3,399 |
| 6 Bedrooms | $3,807 |
| 7 Bedrooms | $4,112 |
| 8 Bedrooms | $4,318 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,750 | $315,108 | 0.56% | F |
| 3BR | $2,240 | $352,164 | 0.64% | D |
| 4BR | $2,930 | $379,622 | 0.77% | D |
| 5BR | $3,399 | $452,336 | 0.75% | D |
U.S. Census Bureau data (2024)
Rapid City, SD's ZIP code 57703 stands out within Pennington County due to its unique demographic and economic characteristics. With a population of 18,013 residents, 17.4% of whom rent their homes, this area has a median income of $83,739. The median home value in ZIP 57703 is notably high at $357,982, reflecting the robust real estate market in the region.
The voucher economics in ZIP 57703 are favorable for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,460, while the market rent, as indicated by ZORI (Zillow Rent Index), is slightly higher at $1,472. This minimal gap between the FMR and market rent suggests that landlords can expect stable cash flows when renting to tenants with Section 8 vouchers. The high median home value also indicates a strong local economy, which supports the demand for rental properties.
Based on the data signature of ZIP 57703, the market appears to be stable. The slight increase in market rent over the FMR, along with the relatively high median income and home values, points to a consistent environment where rental demand is likely to remain steady. Landlords and investors should find this ZIP code attractive for long-term investments, as it offers a reliable return on investment without the volatility often seen in transitional markets.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.