Location: Topeka, KS | Metro: Manhattan, KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
The Section 8 market analysis for ZIP code 66422 in Topeka, KS MSA reveals that the HUD Fair Market Rent (FMR) of $940 is slightly below the average market rent of $1,000 based on Census ACS data. This indicates that voucher tenants will typically cashflow marginally at the FMR rate, requiring landlords to maintain properties at a high standard to attract these tenants.
The median home value in ZIP 66422 is not available, which makes deriving an exact rent-to-price ratio challenging. However, given the slight gap between the HUD FMR and the market rent, it suggests that rental properties are generally priced in line with their potential resale value, indicating a balanced market where neither buying nor renting is significantly more advantageous.
Note that the median days on market (DOM) and the percentage of homes that experienced price cuts are also not available. This lack of data means we cannot provide a precise measure of how quickly properties sell or the frequency of price reductions, but it does not detract from the overall analysis of the rental market.
In ZIP 66422, the strongest angle for Section 8 investors is stability. The marginal cashflow and balanced rent-to-price ratio suggest that while significant appreciation may not be expected, the steady demand for rental properties ensures consistent returns without the volatility often seen in other markets.
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.