Section 8 Fair Market Rent (FMR) for ZIP 66523 - 2027

Location: Lyon County, KS | Metro: Topeka, KS MSA

Investment Score for ZIP 66523

Monthly Rent (2BR)

$1,000

Median Price (2BR)

$135,169

1% Rule

0.74%

Annual Yield

8.88%

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	$740
1 Bedroom	$780
2 Bedrooms	$1,000
3 Bedrooms	$1,330
4 Bedrooms	$1,360
5 Bedrooms	$1,578
6 Bedrooms	$1,767
7 Bedrooms	$1,908
8 Bedrooms	$2,003

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,000	$135,169	0.74%	D
3BR	$1,330	$214,227	0.62%	D
4BR	$1,360	$252,912	0.54%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,941

Median Household Income

$74,716

Housing Units

1,869

Renter Percentage

21.5%

Occupancy Rate

89.5%

Renter Occupied

360

Osage City, KS, located in ZIP code 66523, stands out with a population of 3,941 residents, where 21.5% of them rent their homes. The median income in this area is $74,716, indicating a moderate economic status among its inhabitants. Notably, the median home value is $189,393, which is relatively high compared to the national average and suggests a stable housing market.

The key distinction for landlords and small-portfolio investors in ZIP 66523 lies in the voucher economics. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $880, while the actual market rent, based on Census American Community Survey (ACS) data, is $798. This discrepancy means that landlords who participate in the Section 8 program can expect higher rental income than the local market rate, making it an attractive option for property owners looking to secure steady tenants.

To further analyze the stability of ZIP 66523, consider the following factors:

Economic Indicators: With a median income above the national average and a high median home value, the area shows signs of financial stability.
Rental Market: The rental percentage is lower than the national average, suggesting that homeownership is prevalent, but there is still a significant demand for rental properties.
Voucher Program: The higher FMR compared to the market rent indicates a potential for increased profitability for landlords who accept vouchers.

Based on these data points, ZIP 66523 appears to be a stable area for real estate investment, particularly for those interested in the Section 8 program. The combination of a solid median income, a high median home value, and the favorable economics of the voucher system creates an environment where landlords can expect consistent returns and low vacancy rates.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.