Location: Geary County, KS | Metro: Geary County, KS HUD Metro FMR Area
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 | $880 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,550 | $297,751 | 0.52% | F |
| 4BR | $1,870 | $350,760 | 0.53% | F |
U.S. Census Bureau data (2024)
A skeptical investor looking at ZIP code 66514 might have several concerns regarding the feasibility of renting out properties under the Section 8 program. Let's address these concerns with the available data.
Objection 1: Will FMR $890 (zip FY 2024) cover the mortgage on a $325,411 home?
The Fair Market Rent (FMR) for ZIP 66514 is set at $890 per month for fiscal year 2024. To determine if this will cover the mortgage on a home valued at $325,411, we need to consider typical mortgage rates and terms. Assuming a 30-year fixed-rate mortgage at an average rate of 5%, the monthly payment on such a loan would be approximately $1,763. This amount does not include property taxes, insurance, and maintenance costs, which could add another $300-$500 to the monthly expenses. Therefore, the FMR of $890 is insufficient to cover the mortgage alone, let alone other associated costs. An investor would need additional income sources or a lower interest rate to make this financially viable.
Objection 2: Is there enough renter demand at 19.1%?
The rental demand in ZIP 66514 is indicated by the percentage of households that are renters, which stands at 19.1%. While this figure shows that nearly one-fifth of households are seeking rentals, it's important to note that this might not be sufficient to ensure a steady stream of tenants. The demand for Section 8 housing is often higher due to limited availability, but investors should still consider the overall rental market conditions. A rental rate of 19.1% suggests a competitive market, and investors must ensure their properties meet the necessary standards to attract and retain tenants.
Objection 3: Will vouchers keep pace with $1,280 market rents?
The market rent in ZIP 66514 is reported at $1,280 per month. However, the FMR set by HUD for Section 8 eligibility is $890. This means that voucher holders can only receive up to $890 towards their rent, leaving a gap of $390 per month. Landlords participating in the Section 8 program must accept this subsidy as full payment, which implies they cannot charge the full market rent. To address this concern, investors should understand that while the voucher amount may not cover the full market rent, it does provide a guaranteed source of income through government subsidies, reducing the risk of unpaid rent. Moreover, landlords can seek to minimize the financial impact by controlling other costs, such as property taxes and maintenance, and by ensuring their properties are well-managed and maintained to attract tenants willing to pay the higher portion of the rent.
Investors must weigh these factors carefully when considering participation in the Section 8 program for ZIP 66514. The data provides a snapshot of the financial landscape, but ongoing market conditions and individual property management practices play a crucial role in the success of any investment strategy.
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.