FMR is near market; voucher and private rents are aligned.
0.99
1 BR
1 BR
0.82ratio
FMR$990
Market$1,200
vs market-$210
FMR is below market; voucher rent may lag private rents.
0.82
2 BR
2 BR
0.79ratio
FMR$1,170
Market$1,490
vs market-$320
FMR is below market; voucher rent may lag private rents.
0.79
3 BR
3 BR
0.95ratio
FMR$1,610
Market$1,690
vs market-$80
FMR is near market; voucher and private rents are aligned.
0.95
4 BR
4 BR
1.08ratio
FMR$1,960
Market$1,810
vs market+$150
FMR is near market; voucher and private rents are aligned.
1.08
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
ZIP 57197 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 57197 (Sioux Falls, SD) is $1,170 a month. That is up 5.4% from $1,110 in FY 2026. Sioux Falls is in the Sioux Falls, SD HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,228. Among 29 ZIP codes in Minnehaha County, 57197 is tied for the 13th-highest two-bedroom rent (county range $1,050–$1,550). The median county two-bedroom FMR in South Dakota is $1,033, so ZIP 57197 is 13% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 57197
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$830
$900
+8.4%
$810–$990
1BR
$950
$990
+4.2%
$891–$1,089
2BR
$1,110
$1,170
+5.4%
$1,053–$1,287
3BR
$1,520
$1,610
+5.9%
$1,449–$1,771
4BR
$1,860
$1,960
+5.4%
$1,764–$2,156
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 57197
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$900
$990
$1,170
$1,610
$1,960
FY 2026
$830
$950
$1,110
$1,520
$1,860
FY 2025
$730
$870
$1,010
$1,380
$1,700
FY 2024
$760
$870
$1,030
$1,400
$1,750
FY 2023
$700
$780
$930
$1,250
$1,580
Two-bedroom rent in nearby Minnehaha County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 57197?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,228, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,105 to $1,351 a month; under the ZIP-level Small Area FMR of $1,170 it would be $1,053 to $1,287. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 57197 in?
ZIP 57197 is in the Sioux Falls, SD HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,228.
How much did fair market rent change in ZIP 57197 for FY 2027?
The two-bedroom FMR rose 5.4%, from $1,110 in FY 2026 to $1,170 in FY 2027. Since FY 2023 it has risen 25.8%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set