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 | $1,650 |
| 1 Bedroom | $1,790 |
| 2 Bedrooms | $2,030 |
| 3 Bedrooms | $2,650 |
| 4 Bedrooms | $3,180 |
| 5 Bedrooms | $3,689 |
| 6 Bedrooms | $4,132 |
| 7 Bedrooms | $4,463 |
| 8 Bedrooms | $4,686 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,030 | $371,324 | 0.55% | F |
| 3BR | $2,650 | $411,218 | 0.64% | D |
| 4BR | $3,180 | $527,692 | 0.6% | D |
| 5BR | $3,689 | $767,407 | 0.48% | F |
U.S. Census Bureau data (2024)
ZIP code 66223, located in Overland Park, KS, falls within the Kansas City, MO-KS HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 66223 is set at $1730 for fiscal year 2024. This compares to the overall market rent of $1,972, indicating that the FMR is slightly below the actual market rent, a common occurrence where subsidized rents are lower than market rates.
The median home value in ZIP 66223 is $504,585. This figure suggests that it is a mid-tier neighborhood within the broader Kansas City, MO-KS area, as home values can vary widely across different ZIP codes. For context, some areas might have median home values significantly higher or lower, depending on their specific characteristics such as location, amenities, and demographics.
A key factor for landlords and small-portfolio investors is the renter share, which stands at 44.2% in ZIP 66223. This percentage is notably high compared to many other ZIP codes in the Kansas City metropolitan area, which typically range from around 20% to 40%. A higher renter share can indicate a greater demand for rental properties, which is beneficial for landlords.
The combination of a relatively low FMR ($1730) and a high renter share (44.2%) could signal a potential sweet spot for Section 8 participants. It suggests that there are ample rental opportunities for those receiving housing assistance, while still allowing landlords to tap into a robust rental market.
However, the median home value of $504,585 places ZIP 66223 squarely in the middle of the housing market spectrum within the metro area. This means that while it offers attractive rental dynamics for subsidized housing, it is not considered a value pocket due to its above-average home values.
To conclude, ZIP 66223 appears to be a mid-tier neighborhood within the Kansas City, MO-KS HUD Metro FMR Area, offering a balance between affordable rental opportunities for Section 8 tenants and solid investment prospects for landlords.
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.