Location: Topeka, KS | Metro: Topeka, KS MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
U.S. Census Bureau data (2024)
Topeka, KS's ZIP code 66604 encompasses a diverse neighborhood with a total population of 23,006 residents. Over 45.5% of these individuals are renters, indicating a significant demand for rental properties. The median household income in this area stands at $60,874, which suggests a middle-class demographic. The median home value is $156,669, reflecting a mix of affordable and moderately priced housing options.
The rental economics in ZIP 66604 present an interesting opportunity for investors. According to the Fair Market Rent (FMR) for fiscal year 2024, the subsidized rate is set at $1,060. In contrast, the market rent, measured by ZORI (Zillow Observed Rent Index), is $1,129. This indicates that there is a slight premium for market rents over the subsidized rates, which can be advantageous for landlords and small-portfolio investors looking to balance between government-backed stability and market-driven returns.
Given the economic profile and rental dynamics, ZIP 66604 could suit both hands-off voucher operators and hands-on value-add buyers. For those preferring a hands-off approach, the presence of a substantial number of renters and the guaranteed income from Section 8 vouchers makes it a stable investment. However, for hands-on investors willing to improve property values and manage tenant relations, there is potential to command higher market rents, thereby increasing profitability beyond the subsidized rates.
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.