FY2027 Small Area FMR · Spencer, SD
ZIP 57374 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 57374 (Spencer, SD) is $1,080 a month, up 6.9% from FY2026. That is 12% below the Sioux Falls, SD area-wide FMR of $1,228.
Payment standard range, 2 bedrooms
Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.
FY2027 FY2026
Where 57374 sits in the Sioux Falls, SD area
Of the 53 ZIP codes HUD lists for the area, 57374 has the 32nd highest two-bedroom Small Area FMR. Sioux Falls, SD is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,228 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,080 for this ZIP code instead.
ZIP code 57374 crosses more than one HUD area. HUD also lists it under Hanson County, SD (same figures). The figure that applies depends on which side of the line the home is.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $800 | $720 – $880 | $941 | $730 |
| 1 bedroom | $940 | $846 – $1,034 | $1,044 | $880 |
| 2 bedrooms | $1,080 | $972 – $1,188 | $1,228 | $1,010 |
| 3 bedrooms | $1,490 | $1,341 – $1,639 | $1,694 | $1,400 |
| 4 bedrooms | $1,760 | $1,584 – $1,936 | $2,053 | $1,650 |
A household renting a two-bedroom home at the Small Area FMR of $1,080 needs about $43,200 a year to keep housing costs at 30% of income. The area median family income is $118,700 and the 80% low-income limit for four people is $94,950. ZIP code 57374 lies mainly in McCook County and Hanson County. See the Sioux Falls, SD metro page for the full income limits table and the household check.
Nearby ZIP codes
Questions
What is the Fair Market Rent for ZIP code 57374?
HUD's FY2027 Small Area Fair Market Rents for 57374 are $800 (studio), $940 (1 BR), $1,080 (2 BR), $1,490 (3 BR) and $1,760 (4 BR) a month.
What is the Section 8 payment standard in 57374?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 57374 that range is $972 to $1,188 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 57374?
The FY2026 income limits of the Sioux Falls, SD area apply: median family income $118,700, low-income (80%) limit $94,950 for a family of four.