Location: Bourbon County, KS | Metro: Kansas City, MO-KS HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,000 | $172,649 | 0.58% | F |
| 3BR | $1,310 | $241,356 | 0.54% | F |
| 4BR | $1,560 | $320,134 | 0.49% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP 66056, located in Mound City, KS, within the Bourbon County, KS metro area, reveals several key points for landlords and small-portfolio investors.
The first question to address is whether the rent math works. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $1050. However, the Census ACS reports the market rent at $813. This indicates that the rent math does not align favorably; landlords would need to adjust their expectations or rental pricing strategies to meet the actual market conditions.
Moving on to the affordability of acquisitions, the median home value in ZIP 66056 is $128,453. Unfortunately, the data on the number of days on market (DOM) and the percentage of homes that require price cuts before selling is not available. Despite this lack of detail, the relatively low median home value suggests that acquiring properties in this area could be financially feasible for those looking to invest in smaller markets.
The third question concerns tenant demand. With a population of 1,383, the renter share stands at 16.8%. This means that approximately 232 residents are likely to be seeking rental housing. While this number is modest, it still represents a stable base of potential tenants in a small community setting.
In conclusion, ZIP 66056 presents a mixed picture for real estate investment. The gap between the FMR and market rent suggests that landlords will have to set realistic rental prices to attract tenants. The median home value indicates that property acquisition costs are manageable, but the lack of detailed DOM and price cut data makes it challenging to assess the ease of property purchases. Tenant demand is present, though limited by the size of the population. Overall, while the area offers affordable entry points into the real estate market, careful consideration of rental pricing strategies is necessary to ensure profitability. Investors should also be prepared for potentially slower sales cycles due to the limited data on market dynamics.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.