Location: Topeka, KS | Metro: Topeka, KS MSA
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 | $750 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,380 |
| 5 Bedrooms | $1,601 |
| 6 Bedrooms | $1,793 |
| 7 Bedrooms | $1,936 |
| 8 Bedrooms | $2,033 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,020 | $256,882 | 0.4% | F |
| 3BR | $1,360 | $316,704 | 0.43% | F |
| 4BR | $1,380 | $394,735 | 0.35% | F |
U.S. Census Bureau data (2024)
The market in ZIP 66512, Meriden, KS, presents a dynamic scenario that can be analyzed through the lens of current figures. The Fair Market Rent (FMR) for the area stands at $940 for fiscal year 2024, while the actual market rent is slightly higher at $1,088. This indicates a modest premium over the government's benchmark, suggesting that landlords may have some flexibility in pricing.
The median home value in Meriden is $303,135, which is a significant figure when considering the potential for homeownership versus renting. However, the 15.6% renter share points to a substantial portion of the population that is likely to remain in the rental market long-term. This statistic suggests a consistent demand for rental properties, as a notable percentage of residents may not be able to afford the median home value or prefer renting due to lifestyle choices.
The lack of data on price-cut share and days on market (DOM) makes it challenging to definitively state whether supply outpaces demand or vice versa. However, given the gap between FMR and market rent, it is reasonable to infer that there might be a slight imbalance favoring demand over supply. Landlords should take note of the market rent being above the FMR, indicating that tenants are willing to pay more than the subsidized rate, which could suggest a robust local economy or limited availability of rental units.
The consistent demand from renters, represented by the 15.6% renter share, implies ongoing housing pressure in the area. This is particularly relevant for small-portfolio investors who might find stability in the rental market. While the exact trajectory of the market cannot be forecasted, the current figures provide insight into the dynamics at play: a balance between affordable rental options and the desire for homeownership.
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.