Location: Meade County, 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 | $1,080 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,590 |
| 5 Bedrooms | $3,004 |
| 6 Bedrooms | $3,364 |
| 7 Bedrooms | $3,633 |
| 8 Bedrooms | $3,815 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,550 | $323,350 | 0.48% | F |
| 3BR | $2,030 | $356,963 | 0.57% | F |
| 4BR | $2,590 | $385,388 | 0.67% | D |
| 5BR | $3,004 | $469,589 | 0.64% | D |
U.S. Census Bureau data (2024)
ZIP code 57719, Box Elder, SD, is characterized by a significant rental population. With 40.1% of residents renting their homes, it represents a substantial portion of the housing market. This indicates that there is considerable demand for rental properties, which can be advantageous for landlords and small-portfolio investors.
The median household income in Box Elder stands at $74,885. When compared to the market rent of $1,484, it becomes evident that rental costs constitute a notable but manageable portion of the average resident's income. Specifically, the typical rent consumes approximately 20.6% of the median household income. This percentage is calculated by dividing the annual rent ($17,808) by the median household income ($74,885).
Fair Market Rent (FMR) for the fiscal year 2024 in this ZIP code is set at $1,200. The FMR is the maximum amount that a tenant with a voucher can pay towards rent, with the rest covered by the voucher program. Given that the market rent exceeds the FMR, landlords may find that Section 8 tenants will struggle to cover the excess cost out-of-pocket, unless they can find subsidies or other forms of assistance to bridge the gap.
In summary, ZIP 57719 has a healthy mix of renters and homeowners, with a strong potential for Section 8 tenant demand. However, the disparity between the FMR and the market rent suggests that landlords should prepare for tenants who may need additional financial support beyond what the voucher provides. Landlords in this area should expect tenants whose total income allows them to afford the rent, albeit with a tight budget, given the high proportion of income dedicated to housing costs.
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.