Location: Kansas City, MO | 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 | $1,260 |
| 1 Bedroom | $1,370 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,430 |
| 5 Bedrooms | $2,819 |
| 6 Bedrooms | $3,157 |
| 7 Bedrooms | $3,410 |
| 8 Bedrooms | $3,581 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,550 | $273,936 | 0.57% | F |
| 3BR | $2,030 | $338,656 | 0.6% | F |
| 4BR | $2,430 | $417,490 | 0.58% | F |
| 5BR | $2,819 | $521,170 | 0.54% | F |
U.S. Census Bureau data (2024)
The neighborhood in ZIP code 66202, located in Mission, Kansas, is characterized by a diverse mix of residents and housing types. With a total population of 17,408, it has a significant rental market, where 50.4% of the residents are renters. The median household income in this area is $75,129, indicating a middle-class community with a stable economic base. The median home value stands at $323,283, reflecting a moderate cost of living and a reasonable investment opportunity for homeowners and landlords alike.
Moving into the specifics of rent economics, the Fair Market Rent (FMR) for ZIP 66202 for fiscal year 2024 is set at $1,380. This is notably lower than the market rent, which is estimated at $1,443 according to the Zillow Observed Rent Index (ZORI). This difference suggests that there is a slight premium for market-rate rentals over those covered by Section 8 vouchers, potentially offering a modest profit margin for landlords who can navigate the requirements of the program.
Given these figures, ZIP 66202 could be suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the presence of a sizeable rental market and a steady demand for affordable housing, as indicated by the FMR, makes this area attractive. However, for those looking to actively manage their properties and add value, the slightly higher market rent offers an incentive to improve property conditions or amenities to command rents above the FMR. Both approaches can succeed here, but they require different levels of engagement and capital investment.
In summary, Mission's ZIP 66202 presents a balanced environment for real estate investment, especially within the context of Section 8 programs. The combination of a substantial rental market, median incomes that support both FMR and market rents, and property values that offer reasonable returns, positions this neighborhood well for either passive or active investment strategies.
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.