Location: Manhattan, KS | Metro: Manhattan, KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors targeting ZIP code 66554 in Manhattan, KS, reveals a competitive landscape where the HUD Fair Market Rent (FMR) of $930 is slightly below the market rent of $950 based on Census ACS data for FY 2024. This indicates that voucher tenants will cashflow marginally, assuming they pay the full FMR amount. Landlords can expect a slight challenge in maintaining positive cash flow without optimizing their unit costs or securing premium units.
To further analyze the investment potential, consider the median home value of $305,189. The rent-to-price ratio in this area is approximately 1.1%, which is calculated by dividing the monthly rent ($950) by the median home value ($305,189). This ratio suggests that rental income is relatively low compared to the value of homes, making it less attractive purely from a buy-versus-rent perspective.
The dynamics between days on market (DOM) and price-cut shares are not applicable here due to limited data, but they would typically be relevant in assessing how quickly properties sell and at what discount, impacting the buy-versus-rent decision. In ZIP 66554, however, the focus should remain on rental income and cash flow management.
The strongest investor angle in this market is stability. Given the consistent demand for affordable housing and the marginal cash flow potential, investors can rely on steady rental income and the security of government-backed vouchers, ensuring long-term financial predictability.
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.