Section 8 Fair Market Rent (FMR) for ZIP 66429 - 2027

Location: Topeka, KS | Metro: Topeka, KS MSA

Investment Score for ZIP 66429

N/A

Monthly Rent (2BR)

$1,150

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$850
1 Bedroom	$900
2 Bedrooms	$1,150
3 Bedrooms	$1,530
4 Bedrooms	$1,560
5 Bedrooms	$1,810
6 Bedrooms	$2,027
7 Bedrooms	$2,189
8 Bedrooms	$2,298

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,530	$297,703	0.51%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

379

Median Household Income

$68,780

Housing Units

204

Renter Percentage

N/A

Occupancy Rate

100.0%

Renter Occupied

The ZIP code 66429, located in Kansas, represents a suburban area characterized by its low renter population and relatively stable housing market. This analysis will provide key insights for landlords and small-portfolio investors considering investment opportunities in this region.

Fair Market Rent (FMR) for ZIP 66429 in fiscal year 2024 is set at $1040. This figure serves as a benchmark for rental prices and is essential for setting competitive rates that attract tenants.
The market rent for the area is currently unavailable. This indicates that the local rental market may be less active, possibly due to the low share of renters in the area.
The median home value in ZIP 66429 is $257,575. This suggests a moderately priced housing market, which could be attractive for first-time homeowners rather than renters.
Renters make up only 0.0% of the population. This statistic highlights the dominance of owner-occupied homes over rentals, indicating a challenging environment for landlords seeking tenants.
The median income in the area is $68,780. While this figure provides insight into the financial stability of residents, it also implies that many might prefer to purchase rather than rent homes given the median home value.

Synthesizing these points, ZIP 66429 presents a unique challenge for real-estate investors focusing on rental properties. The extremely low renter share and the unavailability of current market rent data suggest that the demand for rentals is minimal. However, the stable median income and home values indicate that the area is economically sound, potentially favoring investments in owner-occupied homes over rental properties. Landlords should carefully consider the local market dynamics before investing in rental units, as the data points to a strong preference among residents for owning their homes.

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.