Location: Atchison County, KS | Metro: Topeka, KS MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The median income in ZIP code 66058 stands at $96,458, offering insight into the financial capacity of local households. At a market rate of $738 for rent, as reported by the Census ACS, a household earning the median income would find it challenging but feasible to cover housing costs without significant strain on their budget. However, when comparing this figure to the Fair Market Rent (FMR) standard set at $880 for the fiscal year 2024, the disparity becomes apparent.
The difference between the market rate and the FMR standard highlights an affordability gap that impacts both renters and landlords. With only 14.3% of the 378 residents being renters, competition among landlords in this area is relatively low. This means that landlords who can offer competitive rents below the FMR might attract more tenants, especially those relying on Section 8 vouchers.
For landlords considering their strategy regarding voucher versus cash-pay tenants, the data suggests a nuanced approach. Accepting vouchers could provide a steady stream of income, albeit at the lower end of the FMR scale. On the other hand, attracting cash-paying tenants willing to pay closer to the market rate of $738 could yield higher returns, given the area's median income levels support such payments.
However, the decision should also consider the administrative ease and consistency of rental income from voucher programs. The FMR of $880 is a benchmark that landlords should be aware of, as it represents the maximum amount the government will pay for a voucher tenant. Landlords must weigh the benefits of higher potential cash rents against the guaranteed income and stability offered by voucher programs.
In conclusion, while the market rate of $738 is within reach for many households in ZIP 66058, the FMR standard of $880 provides a clear guideline for voucher acceptance. Landlords should carefully assess the local rental landscape, taking into account the limited number of renters and the income levels of potential tenants, before deciding on their preferred strategy.
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.