Location: Meade County, SD | Metro: Rapid City, SD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
U.S. Census Bureau data (2024)
The median income in ZIP code 57767 stands at $250,001, placing it well above the national average. However, the market rate for rentals is listed as N/A, indicating a lack of publicly available data on typical rental prices in the area. This absence makes it challenging to assess whether a household can afford the local rent.
In contrast, the Fair Market Rent (FMR) for ZIP 57767 as of fiscal year 2024 is set at $1,160. This figure represents the maximum amount that a Section 8 voucher holder can pay towards their rent. Given the high median income, it suggests that many households could potentially afford higher rents, but without concrete market rate data, this remains speculative.
The ZIP code has a relatively low percentage of renters at 27.7%, with a total population of 234. This indicates a smaller pool of potential tenants, which could mean that landlords face less competition compared to densely populated areas. The affordability gap, however, is significant when considering the FMR versus what might be expected in a high-income area. Landlords must weigh the benefits of accepting Section 8 vouchers against the possibility of renting to cash-paying tenants who might offer higher rates.
For landlords, the decision between voucher and cash-pay strategies should be informed by understanding the local rental dynamics and tenant preferences. Accepting Section 8 vouchers can ensure steady income and protect against vacancy, especially given the limited number of renters. On the other hand, cash-paying tenants may offer more financially, aligning better with the area's economic profile. The key takeaway is to balance these options based on the demand for subsidized housing and the willingness of high-income households to pay premium rents.
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.