Location: Manhattan, KS | Metro: Manhattan, KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 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 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP 66520 presents a nuanced picture for landlords and small-portfolio investors. With a median home value of $299,445, the area stands at a pivotal point where affordability meets potential growth. The absence of percentage reductions in listings and the unspecified median days on market (DOM) indicate stability in the housing market, suggesting that sellers have significant pricing power. This stability is likely to persist over the next 12-24 months, implying that landlords can maintain competitive rental rates without frequent adjustments.
On the rental side, the Federal Market Rent (FMR) for ZIP 66520 is projected at $880 for fiscal year 2024, compared to the current market rate of $688 based on Census American Community Survey (ACS) data. This discrepancy highlights an opportunity for landlords to gradually increase rents towards the FMR level, capturing the difference between government-set and actual market rates. The upward trend in rental values, aligned with the FMR, suggests a positive outlook for rental income in the coming years.
For long-term investors, the setup in ZIP 66520 supports a realistic appreciation thesis. The stable median home value combined with the potential for rent increases points to a market that is likely to see gradual growth rather than speculative bubbles. As the area continues to attract tenants willing to pay closer to the FMR, the underlying property values will likely appreciate, benefiting those who hold their investments over extended periods. However, the appreciation will be moderate and steady, reflecting the broader economic conditions and the inherent stability of the local market.
To summarize, the current median home value, the stability in listing reductions and DOM, and the favorable rent-side dynamics all suggest a robust, if not explosive, market for ZIP 66520. Landlords and investors should anticipate maintaining strong pricing power and seeing modest but consistent appreciation in property values and rental incomes.
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.