Location: Topeka, KS | Metro: Topeka, KS MSA
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 | $720 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,300 |
| 5 Bedrooms | $1,508 |
| 6 Bedrooms | $1,689 |
| 7 Bedrooms | $1,824 |
| 8 Bedrooms | $1,915 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $960 | $229,902 | 0.42% | F |
| 3BR | $1,280 | $307,696 | 0.42% | F |
| 4BR | $1,300 | $405,459 | 0.32% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 66073, located in Perry, Kansas, within the Topeka, KS Metropolitan Statistical Area (MSA), reveals several key points for landlords and small-portfolio investors.
Firstly, the rent math does not work favorably. The Fair Market Rent (FMR) for ZIP 66073 in fiscal year 2024 is set at $1030, while the market rent, according to the Census ACS, stands at $776. This discrepancy indicates that landlords may struggle to justify higher rents to tenants based on current market conditions.
Secondly, the acquisition cost is relatively high. With a median home value of $294,257, purchasing properties in this area would be a significant investment. However, the lack of available data on days on market (DOM) and the percentage of homes that were sold at a price cut suggests that the market might not be overly competitive or that sellers are generally able to sell their homes at or near asking price without extended listing periods.
Thirdly, tenant demand is limited. The population of ZIP 66073 is 2,263, with only 16.1% of residents being renters. This low renter share implies a smaller pool of potential tenants, which could make it challenging to find occupants for rental properties.
In summary, ZIP 66073 presents a mixed picture for real estate investors. While the acquisition costs are high and tenant demand is modest, the most critical issue is the unfavorable rent math. Landlords should carefully consider these factors before investing in this ZIP code.
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.