Location: Topeka, KS | Metro: Manhattan, 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 | $810 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,040 | $193,197 | 0.54% | F |
| 3BR | $1,440 | $283,196 | 0.51% | F |
| 4BR | $1,730 | $357,913 | 0.48% | F |
| 5BR | $2,007 | $500,232 | 0.4% | F |
U.S. Census Bureau data (2024)
The market in ZIP 66547, Wamego, KS, presents a dynamic equilibrium between supply and demand. With a Fair Market Rent (FMR) set at $1000 for zip FY 2024, it indicates that the federal government recognizes the need to support rental costs at this level. The market rent, according to the Census ACS, is currently $864. This suggests that there is a slight gap between what the government deems fair and what the market offers, which could imply a moderate demand pressure pushing rents towards the FMR.
A 0.2% price-cut share reveals that very few properties are being discounted, indicating a strong seller's market. When sellers can maintain their asking prices without significant concessions, it typically points to a robust buyer interest. However, the absence of day Days on Market (DOM) data means we cannot conclusively determine the speed at which homes are selling, but the low price-cut percentage implies quick sales.
The median home value stands at $303,164, reflecting the overall stability and affordability of the housing stock in Wamego. This figure places the area within a range that is attractive to both buyers and sellers, suggesting a balanced market with neither extreme oversupply nor undersupply.
With a 15.6% renter share, Wamego has a relatively low proportion of renters compared to owners. This statistic implies that the majority of residents prefer to own rather than rent their homes. However, the presence of any renters in a market signals ongoing housing pressure, as these individuals are seeking affordable alternatives to homeownership. A stable renter share can be indicative of a consistent demand for rental properties, ensuring that landlords and small-portfolio investors have a reliable tenant pool.
In summary, ZIP 66547 exhibits characteristics of a market where demand is steady, and supply is sufficient to meet needs without creating an excess inventory. The low price-cut share and proximity of market rent to FMR suggest that the market is favoring sellers and landlords who can maintain competitive pricing. For investors, this means a potentially lucrative environment with stable values and a predictable demand for rental units.
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.