Location: Atchison County, KS | Metro: Atchison County, KS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The analysis of ZIP 66023, located in Effingham, Kansas, reveals a significant gap between the Fair Market Rent (FMR) set at $880 for metro fiscal year 2026 and the actual market rent reported at $813 according to the Census ACS. This gap is $67, or about 8.2%, with the FMR being higher than the market rent.
This situation makes ZIP 66023 a prime yield play for landlords and small-portfolio investors willing to accept Section 8 voucher tenants. Given that the FMR exceeds the market rent, landlords can expect to receive a higher rental income through vouchers than what they might achieve in the open market. The median home value in ZIP 66023 is $110,400, and the median income is $55,759, indicating a modest economic environment where the support of housing vouchers can significantly enhance investment returns.
In ZIP 66023, 18.8% of residents are renters, and the area has a relatively stable demographic composition. The median age is approximately 40.5 years, with 26.9% of the population aged 62 years and older. These factors contribute to a consistent demand for affordable housing, further solidifying the potential benefits of participating in the Section 8 program.
Landlords should be aware that while the FMR provides a financial incentive, there is a cost associated with housing voucher tenants below open-market rates. However, the long-term stability and government-backed payments can offset these costs, making it a viable strategy for maximizing yields in this ZIP code.
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.