Location: Meade County, SD | Metro: Meade County, SD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,270 |
| 5 Bedrooms | $2,633 |
| 6 Bedrooms | $2,949 |
| 7 Bedrooms | $3,185 |
| 8 Bedrooms | $3,344 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 57787, located in Meade County, South Dakota, reveals several key points for potential Section 8 landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1160, while the market rent based on Census ACS data stands at $952. This means that landlords participating in the Section 8 program can expect a higher rental income compared to the current market rates, making it financially viable.
Regarding the affordability of property acquisition, the data indicates that the median home value is not available, nor is the average number of days on the market (DOM) or the percentage of homes that have been discounted. Without these specific figures, it's challenging to provide a definitive assessment on how affordable it is to acquire properties in this ZIP code. However, the absence of price-cutting data might suggest a stable market where prices remain relatively firm.
Tenant demand is strong in ZIP 57787. With a population of 487 individuals and 55.5% of them being renters, there is a significant pool of potential tenants. This high renter share suggests that the demand for rental housing is robust, which is beneficial for landlords seeking steady occupancy rates.
In summary, the rent math in ZIP 57787 works favorably for Section 8 landlords, offering above-market rental rates through the program. Although specific data on median home values and affordability indicators are unavailable, the strong tenant demand, represented by the high renter share, makes the area attractive for those willing to invest. Landlords should proceed with confidence, knowing they can secure a stable source of income with minimal vacancy risk.
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.