Location: Nemaha County, KS | Metro: Topeka, KS MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
The ZIP code 66428 presents several challenges for landlords considering Section 8 investments. Tenant turnover is a significant concern, as the Fair Market Rent (FMR) for the area is set at $880 for fiscal year 2024, which may not align with the local market rent. This misalignment can lead to higher tenant churn rates as individuals seek better rental deals that match their financial expectations.
Vacancy exposure is another critical issue. With an average Days on Market (DOM) figure unavailable, it's difficult to predict how long properties might remain vacant between tenants. Extended vacancies can result in lost rental income, increasing the financial strain on the property owner.
Deferred maintenance is also a risk factor. The typical home value is unknown, but the median household income of $100,500 suggests that residents may have the means to invest in their homes. However, this does not guarantee that Section 8 tenants will maintain their units to the same standard. Landlords must be prepared to address maintenance issues promptly to avoid further deterioration of the property.
Despite these risks, there are mitigating factors that make Section 8 investment in ZIP 66428 potentially viable. The renter share of the population stands at 43.6%, indicating a high concentration of renters. High renter density often correlates with increased demand for housing vouchers, which can provide a steady stream of qualified tenants willing to pay the required portion of the rent.
A one-line verdict for first-time Section 8 landlords in ZIP 66428: Moderate risk.
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.