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 | $840 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,140 | $113,145 | 1.01% | B |
| 3BR | $1,520 | $167,440 | 0.91% | C |
| 4BR | $1,540 | $273,931 | 0.56% | F |
U.S. Census Bureau data (2024)
The potential risks for a first-time Section 8 landlord in ZIP 66611, Topeka, KS, must be carefully considered. Tenant turnover could be a significant issue, given that the market rent stands at $1,179, while the Fair Market Rent (FMR) for FY 2024 is only $970. This discrepancy suggests that tenants who rely on Section 8 vouchers might struggle to cover the higher market rents, leading to frequent moves and increased vacancy rates.
Vacancy exposure is another concern. The days on market (DOM) data is not available, which makes it difficult to predict how long it might take to fill vacancies. However, the typical home value in the area is $157,419, while the median household income is $55,837. This indicates that many residents may find it challenging to afford the average home price, potentially resulting in deferred maintenance issues for rental properties. Landlords must be prepared to invest in property upkeep to ensure compliance with housing standards and avoid costly repairs down the line.
Despite these risks, there are several factors that could mitigate them. The renter share in ZIP 66611 is 49.9%, which is quite high and typically correlates with a greater demand for rental units, including those that accept Section 8 vouchers. High renter density can help stabilize occupancy rates and reduce the likelihood of prolonged vacancies.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.