Location: Topeka, 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 | $900 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,220 | $210,248 | 0.58% | F |
| 3BR | $1,630 | $242,706 | 0.67% | D |
| 4BR | $1,650 | $403,943 | 0.41% | F |
U.S. Census Bureau data (2024)
The Section 8 housing market in ZIP code 66402, Auburn, Kansas, is poised for stable investment opportunities, particularly for landlords and small-portfolio investors. The Fair Market Rent (FMR) set by HUD for FY 2024 is $880, closely matching the market rent of $879 as reported by the Census ACS. This parity indicates that voucher tenants will cashflow at FMR, making it an attractive area for those seeking consistent rental income without the risk of negative cash flow.
To further analyze the investment potential, consider the median home value in ZIP 66402, which stands at $276,234. Using this figure, we can derive the rent-to-price ratio, which comes out to be approximately 0.32%. This ratio suggests that the rental market is competitive relative to the purchase market, offering a balanced environment for both buying and renting properties.
Note that the median days on market (DOM) and the percentage of homes that have experienced price cuts are not applicable in this context, indicating that the market is relatively stable and there's little need for price adjustments due to prolonged listings. This stability supports the idea that buying properties in this area can offer a reliable source of passive income through rentals.
The strongest angle for investors in ZIP 66402 is the combination of cashflow and stability. With voucher tenants paying close to the market rate, landlords can expect steady returns on their investments without significant fluctuations in occupancy rates or rent payments.
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.