Location: Topeka, KS | Metro: Topeka, KS MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,300 |
| 5 Bedrooms | $1,508 |
| 6 Bedrooms | $1,689 |
| 7 Bedrooms | $1,824 |
| 8 Bedrooms | $1,915 |
U.S. Census Bureau data (2024)
ZIP code 66451 encompasses the suburban neighborhood of Lyndon, Kansas. With a population of 1,671, it is a relatively small community where 18.6% of residents are renters. The median household income stands at $76,908, indicating a middle-class area. Median home values in the region are priced at $212,920, reflecting the typical cost of homeownership.
The rental economics in Lyndon, KS are particularly noteworthy. The Fair Market Rent (FMR) for ZIP 66451 in fiscal year 2024 is set at $880. In contrast, the average market rent as per the Census Bureau's American Community Survey is $742. This difference highlights a potential opportunity for landlords who can leverage the higher FMR rates associated with Section 8 vouchers to secure better rental incomes compared to the local market rates.
Given these figures, ZIP 66451 is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the presence of Section 8 vouchers ensures steady, government-backed rental income without the need for extensive property management. Meanwhile, value-add buyers could capitalize on the disparity between FMR and market rents by improving properties to command higher Section 8 rates, thereby increasing their profitability. The low percentage of renters suggests a smaller pool of potential tenants, but the economic conditions make it a viable option for those interested in the Section 8 program.
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.