Location: Nemaha County, KS | Metro: Marshall County, KS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
U.S. Census Bureau data (2024)
The ZIP code 66403 is situated in a suburban neighborhood characterized by a relatively small population of 801 residents. Only 13.0% of these residents are renters, indicating a predominantly owner-occupied area. The median household income here is strong at $71,875, which suggests a middle-class community capable of supporting various economic activities. Median home values stand at $233,517, reflecting a stable housing market where property values are neither too high nor too low.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 66403, set at $1,100 for the fiscal year 2026, is notably higher than the current market rent of $850 as reported by the Census ACS. This discrepancy presents an opportunity for landlords and small-portfolio investors to increase rents towards the FMR level, potentially enhancing profitability without straining tenants' budgets given the local median income.
Does this place suit a hands-off voucher operator or a hands-on value-add buyer? Given the current dynamics, it leans more towards being a suitable investment for a hands-on value-add buyer. With a low percentage of renters and room for rent increases, there's potential for active management to improve property values and rental rates. A hands-off approach might miss out on the opportunities to capitalize on the gap between the FMR and current market rents, while a proactive strategy could yield better returns and align with the economic profile of the area.
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.