Location: Franklin County, KS | Metro: Kansas City, MO-KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
U.S. Census Bureau data (2024)
In ZIP 66033, the gap between the HUD Fair Market Rent (FMR) and the market rent is significant for two-bedroom units. The FMR for 2024 is $1,050, while the Census ACS reports the market rent at $850. This results in a difference of $200, which is approximately 23.5% above the market rate.
The higher FMR compared to the market rent makes ZIP 66033 a favorable location for landlords and small-portfolio investors seeking to maximize yields. Voucher tenants paying the FMR will contribute more to your rental income than what the open market offers. Given that only 12.2% of residents are renters, there is a limited pool of potential tenants, making it even more advantageous to secure those who can pay closer to the FMR.
The median home value in ZIP 66033 is $220,969, indicating a moderate level of housing affordability. The median income stands at $91,540, which suggests that many residents could afford market rents but might prefer the stability and predictability of Section 8 vouchers.
Landlords should be aware that the FMR covers all utilities. If you choose not to include utilities in the rent, you must adjust the payment accordingly. However, the data clearly shows that the FMR for two-bedroom units exceeds the market rent, providing a solid financial incentive to accept voucher tenants.
To summarize, the gap between FMR and market rent in ZIP 66033 is a key factor in determining rental strategy. Voucher tenants paying $1,050 for a two-bedroom unit will help achieve higher yields compared to the open market rate of $850. This makes ZIP 66033 a prime location for landlords aiming to optimize their returns.
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.