Location: Lawrence County, SD | Metro: Meade County, SD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,150 |
| 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 57793 presents several challenges for potential Section 8 landlords. Tenant turnover is a significant risk due to the gap between the market rent of $946 and the Fair Market Rent (FMR) of $920 for fiscal year 2024. This difference can lead to higher tenant mobility as individuals seek to maximize their voucher benefits. Additionally, the vacancy exposure is concerning given that the days on market (DOM) is listed as N/A, which suggests there may be limited data on how quickly properties are rented out in this area. This uncertainty can result in extended periods without rental income.
Deferred maintenance is another critical issue to consider. With a typical home value of $453,915 and a median income of $87,351, homeowners might struggle to keep up with necessary repairs and maintenance. This financial strain can translate into a higher likelihood of receiving properties in need of substantial work, increasing the overall cost and time required for property management.
However, these risks must be weighed against the strong presence of renters in the area. The 12.6% renter share indicates a relatively high concentration of tenants, which typically correlates with a greater demand for housing vouchers. In other words, despite the challenges, there is a robust pool of potential Section 8 tenants who could stabilize occupancy rates and provide a steady stream of rental income.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.