Section 8 Fair Market Rent (FMR) for ZIP 66528 - 2027

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

Investment Score for ZIP 66528

N/A

Monthly Rent (2BR)

$970

Median Price (2BR)

$N/A

1% Rule

Annual Yield

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	$720
1 Bedroom	$760
2 Bedrooms	$970
3 Bedrooms	$1,280
4 Bedrooms	$1,310
5 Bedrooms	$1,520
6 Bedrooms	$1,702
7 Bedrooms	$1,838
8 Bedrooms	$1,930

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
3BR	$1,280	$286,145	0.45%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

761

Median Household Income

$73,472

Housing Units

407

Renter Percentage

13.2%

Occupancy Rate

65.1%

Renter Occupied

The ZIP code 66528, located in Kansas, is a residential area that offers a mix of suburban living and easy access to urban amenities. This region is particularly interesting for real estate investors due to its balance between affordable housing and stable rental markets.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 66528 for fiscal year 2024 is set at $900, providing a benchmark for rental pricing.
The average market rent for the same type of unit, according to the latest Census American Community Survey (ACS), stands at $831, indicating a slight underperformance compared to the FMR.
The median home value in this ZIP code is $206,209, which suggests a moderate investment cost relative to other areas in Kansas.
Renters make up 13.2% of the population, which is a key metric for understanding the demand for rental properties in the area.
The median income of residents is $73,472, reflecting a solid economic foundation that supports steady rental demand.

Investors should note that while the market rent is slightly below the FMR, the median home value and median income levels indicate a stable environment for real estate investments. The relatively low renter share suggests there might be opportunities to increase the availability of rental units, catering to the local demand without oversaturating the market. Given these factors, ZIP 66528 presents a viable option for those looking to invest in a balanced, moderately priced real estate market with a strong economic base.

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.