Section 8 Fair Market Rent (FMR) for ZIP 66283 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 66283, located in Shawnee Mission, KS, represents a thriving suburban community with approximately 26,283 residents. This middle-income area is characterized by a moderate housing market, with median home values around $249,176 and a median household income of $61,283. The median age of the residents is 33.7 years, indicating a younger, dynamic community with potential for growth.

In terms of rent economics, the Fair Market Rent (FMR) for ZIP 66283 in fiscal year 2024 is set at $1,430. However, the actual median rent in the area is $1,702, reflecting a slightly higher market rate compared to the FMR. This suggests that landlords could potentially charge more than the FMR without significantly deterring tenants.

Given the current trends and data, Shawnee Mission, KS is well-suited for both hands-off voucher operators and hands-on value-add buyers. The relatively high median income and moderate home values indicate a stable tenant base that can support rental properties. Additionally, the lower cost of living index of 59, which is below the national average, means that residents have more disposable income, making it easier for them to afford rent and utilities.

For investors looking to manage properties with minimal involvement, the voucher program can be a reliable source of steady income. On the other hand, those interested in actively managing and improving their properties will find ample opportunity in this dynamic community, where property values and rents are expected to continue rising.

Data Sources: FMR data from HUD (2027).

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.