Location: Meade County, SD | Metro: Rapid City, SD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,850 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
U.S. Census Bureau data (2024)
The ZIP code 57791 represents a renter-heavy market with significant voucher demand. With 28.3% of the population renting, it indicates a notable segment of residents who may rely on housing assistance such as Section 8 vouchers. Given that the median household income is $42,250, the average market rent of $775 per month consumes approximately 23% of the typical local income.
To further contextualize, the Fair Market Rent (FMR) for the area, as set by HUD for FY 2024, is $1,160. This suggests that the market rent of $775 is below the FMR, making it more attractive for both voucher holders and non-assisted tenants. Landlords in this ZIP can expect a mix of tenants, including those who might be using Section 8 vouchers to cover their rent. The lower market rent compared to the FMR means that voucher holders can find units that are affordable within their subsidy limits, while other renters may also find the cost manageable relative to their income.
The expected tenant profile includes individuals and families who are likely to be seeking stable, affordable housing options. They may include low-income workers, students, and families who are navigating financial constraints. For landlords, this means focusing on maintaining properties that meet the basic quality standards required by the Section 8 program, ensuring they are well-maintained and reasonably priced to attract a broad range of potential tenants.
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.