Location: Marshall County, KS | Metro: Manhattan, KS HUD Metro FMR Area
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 | $790 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $970 | $108,618 | 0.89% | C |
| 3BR | $1,340 | $196,248 | 0.68% | D |
U.S. Census Bureau data (2024)
The ZIP code 66427 is situated in Frankfort, Kansas, a suburban neighborhood characterized by a relatively small population of 1,334 residents. The area has a low percentage of renters at 16.2%, indicating that it is primarily a homeowner-centric community. The median household income in this ZIP code is strong at $79,481, suggesting a middle-class demographic. Median home values are robust at $175,725, reflecting the stable financial foundation of the neighborhood.
Turning to the economic dynamics of rental properties, the Fair Market Rent (FMR) for ZIP 66427 in fiscal year 2024 is set at $880. This figure contrasts with the reported market rent of $748 based on Census ACS data, revealing a potential gap where Section 8 vouchers could cover a significant portion of the rent for qualifying tenants. The disparity between FMR and actual market rent indicates that landlords who accept Section 8 vouchers could still maintain a reasonable profit margin while providing affordable housing options.
Given these factors, ZIP 66427 might appeal more to a hands-on value-add buyer rather than a hands-off voucher operator. The lower-than-FMR market rents suggest opportunities for improvement and increased rental income through strategic property management. For landlords willing to invest in renovations and active management, there is potential for higher returns compared to passive operations. However, the small rental market share also means that competition among landlords accepting vouchers could be limited, making it easier to secure tenants without extensive marketing efforts.
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.