Location: Kansas City, MO | Metro: Kansas City, MO-KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,890 |
| 1 Bedroom | $2,050 |
| 2 Bedrooms | $2,320 |
| 3 Bedrooms | $3,030 |
| 4 Bedrooms | $3,630 |
| 5 Bedrooms | $4,211 |
| 6 Bedrooms | $4,716 |
| 7 Bedrooms | $5,093 |
| 8 Bedrooms | $5,348 |
U.S. Census Bureau data (2024)
The ZIP code 66027 is situated in a neighborhood characterized by a predominantly rental-based housing market. With a total population of 7,365, it stands out due to its exceptionally high percentage of renters at 99.1%, indicating a strong demand for rental properties in the area. The median household income in this ZIP code is $102,208, suggesting a relatively affluent demographic. However, the median home value is listed as N/A, which could imply that homeownership is less prevalent or that there isn't sufficient data to provide an accurate figure.
Moving into the specifics of the rental market, the Fair Market Rent (FMR) for ZIP 66027 for fiscal year 2024 is set at $1,890. This compares to the actual market rent of $2,064, as reported by the Census Bureau's American Community Survey. The slight premium of market rents over the FMR indicates that landlords in this ZIP code can expect to charge a bit above the federally determined rate, potentially leading to higher cash flows when managing properties under Section 8 programs.
Given these economic conditions, ZIP 66027 appears to be a suitable location for both hands-off voucher operators and hands-on value-add buyers. For those seeking a passive investment strategy, the high renter ratio and stable income levels make it a reliable environment for consistent rental income through Section 8 vouchers. Meanwhile, for investors willing to engage actively, the potential for value-add opportunities exists, especially considering the market rents slightly exceed the FMR, allowing for some margin of appreciation.
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.