Location: Franklin County, 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 | $950 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,490 | $318,169 | 0.47% | F |
U.S. Census Bureau data (2024)
The market in ZIP 66095 presents a dynamic scenario that can be analyzed through the lens of current rental and property values. With a Fair Market Rent (FMR) set at $880 for the fiscal year 2024, it's clear that the government recognizes a higher rental threshold compared to the actual market rent, which stands at $788 according to the Census ACS. This discrepancy suggests that there may be some downward pressure on rents, indicating a potential oversupply of rental units relative to demand.
The median home value in the area is $272,938. While this figure alone doesn't provide a complete picture of the market's health, when combined with the rental data, it hints at a balance between affordability and desirability. The lower market rent compared to the FMR could imply that landlords are adjusting their rates to remain competitive, possibly due to an abundance of available rental properties.
Arenter share of 18.5% is noteworthy. This percentage indicates that nearly one in five residents are renters, which can be indicative of long-term housing pressures. In areas where the renter share is high, there's often a greater need for affordable housing options, which can create sustained demand for rental properties. However, given the current snapshot, it appears that the market is currently experiencing a situation where supply might be slightly ahead of demand, rather than the other way around.
This balance has implications for both landlords and small-portfolio investors. For landlords, maintaining competitive rental rates is crucial to ensure occupancy. For investors, the data suggest that there may be opportunities to acquire rental properties at potentially favorable prices, although the high renter share also means there will likely be consistent demand for these units.
The lack of specific data on price-cut share and days on market (DOM) makes it challenging to pinpoint the exact trajectory of the market. However, the overall picture suggests a market that is adjusting to find equilibrium between supply and demand, with landlords and property owners playing a key role in setting the tone for rental pricing and property acquisition.
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.