Location: Topeka, KS | Metro: Topeka, KS MSA
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 | $860 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $860 | $50,683 | 1.7% | A+ |
| 2BR | $1,100 | $87,343 | 1.26% | A |
| 3BR | $1,470 | $178,801 | 0.82% | C |
| 4BR | $1,490 | $280,182 | 0.53% | F |
U.S. Census Bureau data (2024)
ZIP code 66605, located in Topeka, KS, is part of the larger Topeka, KS MSA metro area. Its Federal Market Rent (FMR) for fiscal year 2024 is set at $950, which is notably lower than the market rent of $1,028. This indicates that the zip code offers a discount for landlords participating in the Section 8 program compared to the prevailing market rates.
The median home value in ZIP 66605 stands at $154,802, which is likely below the average home value in the Topeka MSA. This suggests that the area may be considered a value pocket within the metro, offering more affordable housing options to both renters and buyers.
A significant 29.5% of the population in ZIP 66605 are renters, which is a higher proportion than what might be typical for many ZIP codes in the Topeka MSA. This elevated renter share, combined with the lower home values, points to an area where Section 8 participation could be particularly advantageous for landlords. The higher renter share in a ZIP code with below-average home values often signals a sweet spot for Section 8 investments, as it attracts a substantial number of tenants who rely on federal subsidies to afford their homes.
In summary, ZIP 66605 appears to be a value pocket within the Topeka, KS MSA, characterized by below-average home values and a relatively high renter share. These factors make it a potentially attractive location for landlords interested in Section 8 properties, as they can offer rental units at subsidized rates while still benefiting from the high demand for affordable housing in the area.
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.