Location: Kansas City, MO | Metro: Kansas City, MO-KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,350 |
| 1 Bedroom | $1,470 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,170 |
| 4 Bedrooms | $2,600 |
| 5 Bedrooms | $3,016 |
| 6 Bedrooms | $3,378 |
| 7 Bedrooms | $3,648 |
| 8 Bedrooms | $3,830 |
U.S. Census Bureau data (2024)
1350 is the Fair Market Rent (FMR) for ZIP 66204 in Overland Park, KS, for fiscal year 2024, indicating the maximum amount Section 8 tenants can be charged for a two-bedroom unit. In contrast, the market rent, known as ZORI, stands at 1590, suggesting a premium of over 200 dollars above the FMR for landlords who choose not to participate in the program. The median home value in this area is 309932, which provides a backdrop for understanding the housing market's overall health and potential investment opportunities. With 51.1% of residents being renters, there is a significant demand for rental properties, making it a viable market for landlords. The median income in the area is 75889, which is an important figure for assessing the financial stability of potential tenants. Additionally, the average Days on Market (DOM) is 3, showing that rental units are typically filled quickly once listed, which is beneficial for cash flow. The price-cut share is only 0.2%, reflecting a robust rental market where landlords rarely need to lower their asking prices to attract tenants. Given these factors, landlords in Overland Park, KS, should consider the Section 8 program as a stable source of income, with the caveat that they must adhere to government-set rent limits. However, the quick turnover and minimal need for price adjustments suggest a strong rental market that can support both Section 8 and market-rate rentals.
Based on the data, the Section 8 verdict for ZIP 66204 is positive, offering a reliable tenant base with a slight trade-off in rental rate flexibility.
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.