Location: Topeka, KS | Metro: Manhattan, KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,100 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,970 |
| 4 Bedrooms | $2,310 |
| 5 Bedrooms | $2,680 |
| 6 Bedrooms | $3,002 |
| 7 Bedrooms | $3,242 |
| 8 Bedrooms | $3,404 |
U.S. Census Bureau data (2024)
The ZIP code 66407 presents a dynamic rental market, characterized by a balance between federal guidelines and local pricing realities. The Fair Market Rent (FMR) set at $1150 for fiscal year 2024 reflects the government's benchmark for affordable housing. However, the actual market rent stands at $1,375, indicating that landlords can command a premium above the FMR, suggesting strong demand relative to supply.
A median home value of $260,952 places significant financial pressure on potential homeowners, possibly driving many towards rental accommodation. This is further supported by the fact that 31.1% of residents are renters, which is a substantial portion of the population. Such a high renter share often implies continuous long-term housing pressure, as it signals a preference for renting over buying due to affordability concerns or lifestyle choices.
The lack of data on price-cut share and days on market (DOM) suggests that either these metrics are stable and do not fluctuate significantly, or there is insufficient information to make an assessment. However, the disparity between the FMR and the market rent indicates that the rental market is robust, with demand likely exceeding supply. This dynamic supports landlords and small-portfolio investors who can capitalize on the strong rental preferences of the area's residents.
In summary, ZIP 66407 is a market where demand for rentals is evident, driven by both the high median home values and the significant percentage of residents choosing to rent. Landlords can maintain competitive rents above the FMR, benefiting from a tenant pool willing to pay a premium for housing.
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.