Location: Ziebach County, SD | Metro: Meade County, SD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,180 |
| 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 ZIP code 57748 is located in a rural setting, characterized by a small community with a total population of just 369 residents. Approximately 32.0% of these residents are renters, indicating a modest demand for rental properties. However, the lack of data on median income and median home value suggests that economic specifics for this area are not readily available, which could be due to the limited size of the population.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 57748 in fiscal year 2024 is set at $1160. This figure represents the government's benchmark for determining the maximum rent subsidy that can be paid on behalf of low-income families through the Section 8 Housing Choice Voucher program. In contrast, the market rent as reported by the Census Bureau's American Community Survey stands at $763, highlighting a significant gap between the FMR and the actual rents charged in the area. This disparity suggests an opportunity for landlords who can leverage the higher subsidy amounts to attract tenants while maintaining profitability.
Given the characteristics of ZIP 57748, it would suit both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the potential for stable cash flows exists due to the government subsidy, which covers a substantial portion of the market rent. These investors can focus on property management without the need for extensive tenant screening, given the availability of the Section 8 program. On the other hand, hands-on value-add buyers can take advantage of the lower market rents and increase the rental income closer to the FMR of $1160, thereby enhancing their investment returns. The key will be understanding the local market dynamics, including the supply and demand for rental housing and the specific requirements of the Section 8 program in this area.
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.