Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,156$13,872 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Sioux Falls, SD
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Sioux Falls, SD
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $865 | $10,380 | $34,600 | $16.63/hr |
| 1-Bedroom Apartment | $986 | $11,832 | $39,440 | $18.96/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,156 | $13,872 | $46,240 | $22.23/hr |
| 3-Bedroom Home | $1,586 | $19,032 | $63,440 | $30.50/hr |
| 4-Bedroom Home | $1,939 | $23,268 | $77,560 | $37.29/hr |
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Frequently Asked Questions About Rent in Sioux Falls, SD
What is the Fair Market Rent for a 2-bedroom in Sioux Falls, SD?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Sioux Falls, SD is $1,156 per month ($13,872 per year).
What hourly wage is needed to afford rent in Sioux Falls, SD?
To comfortably afford a 2-bedroom apartment at $1,156/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $22.23 per hour ($46,240/year).
What are the HUD Fair Market Rents by bedroom count in Sioux Falls, SD?
Official 2026 HUD rents in Sioux Falls, SD are: Studio: $865/mo, 1-Bedroom: $986/mo, 2-Bedroom: $1,156/mo, 3-Bedroom: $1,586/mo, and 4-Bedroom: $1,939/mo.
How do HUD Fair Market Rents compare to local incomes in Sioux Falls, SD?
At the local Census ACS median household income of $75,970/year ($6,331/month), the benchmark 2-bedroom Fair Market Rent represents 18.3% of monthly income.
How is the 30% housing affordability standard calculated in Sioux Falls, SD?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,156/month, the required minimum annual gross income is calculated as ($1,156 × 12) ÷ 0.30 = $46,240 per year.