Location: Fall River County, SD | Metro: Fall River County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 57763, as set by HUD for metro FY 2026, is $1,160. This figure represents the payment standard for Section 8 housing vouchers, meaning that voucher holders can receive assistance up to this amount. However, it's important to note that this is not necessarily the rent you will charge your tenants.
In contrast, the average rent for the area, according to the Census Bureau's American Community Survey (ACS), is $953. This suggests that the FMR is higher than the typical market rate, which could be beneficial for landlords participating in the Section 8 program. The difference between these two figures indicates that landlords may receive slightly above-average rents for the area, making participation in the Section 8 program attractive.
The renter share in ZIP 57763 is 22.5%, which means that over one-fifth of the households in the area are renters. This high percentage of renters signifies a strong demand for rental properties, especially those that qualify for Section 8 assistance. While the acquisition cost for properties in the area is listed as N/A, this likely means that there is no specific data available on property purchase prices, but given the high renter share, there is a good chance that rental properties will be occupied.
Before deciding to take the plunge into your first Section 8 rental in ZIP 57763, it is crucial to verify that your property meets the necessary qualifications. This includes ensuring that the rent you plan to charge does not exceed the FMR of $1,160, and that the property passes inspection standards set by the local housing authority. These inspections ensure that the property is safe, decent, and sanitary for tenants, and failure to meet these criteria can result in rejection from 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.