Section 8 Fair Market Rent (FMR) for ZIP 66449 - 2027

Location: Manhattan, KS | Metro: Manhattan, KS HUD Metro FMR Area

Investment Score for ZIP 66449

Monthly Rent (2BR)

$970

Median Price (2BR)

$170,244

1% Rule

0.57%

Annual Yield

6.84%

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	$790
1 Bedroom	$810
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

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
2BR	$970	$170,244	0.57%	F
3BR	$1,340	$254,463	0.53%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

937

Median Household Income

$90,089

Housing Units

416

Renter Percentage

12.2%

Occupancy Rate

76.7%

Renter Occupied

Leonardville, KS, located in ZIP code 66449, is a small community with a stable rental market, making it an attractive option for landlords and small-portfolio investors looking to secure consistent returns on their investments.

The Fair Market Rent (FMR) for a two-bedroom apartment in Leonardville for fiscal year 2024 is set at $880, providing a benchmark for rental pricing that aligns with local housing affordability standards.
The market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $946 for a similar unit, indicating that the actual rental rates slightly exceed the FMR, suggesting a modest premium for landlords.
The median home value in Leonardville is $223,219, which is relatively low compared to national averages, offering opportunities for property acquisition at favorable prices.
Renters make up 12.2% of the population, a figure that underscores the importance of understanding the local tenant demographics to cater to their needs effectively.
While the days on market (DOM) data is currently unavailable, the combination of stable rental prices and a lower median home value suggests a healthy market for both buying and renting properties.
The median household income in the area is $90,089, indicating that tenants have a solid financial foundation to support steady rental payments.

In summary, the rental market in Leonardville, KS, is characterized by moderate rental prices that slightly exceed the government-set FMR, a lower median home value, and a financially stable tenant base. This combination presents a favorable environment for landlords and small-portfolio investors who can expect reasonable returns without the volatility often associated with larger markets. The slight premium on market rents over FMR also suggests potential for modest growth in rental income, contingent upon maintaining quality properties that meet the needs of the local renters.

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.