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 | $960 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,730 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,010 | $81,581 | 1.24% | A |
| 2BR | $1,300 | $149,398 | 0.87% | C |
| 3BR | $1,730 | $236,860 | 0.73% | D |
| 4BR | $1,760 | $314,651 | 0.56% | F |
| 5BR | $2,042 | $383,637 | 0.53% | F |
U.S. Census Bureau data (2024)
ZIP code 66614, located in Topeka, KS, falls within the broader Topeka, KS Metropolitan Statistical Area (MSA). When comparing the Federal Market Rent (FMR) of $1020 for ZIP 66614 against the typical market rent of $1,547, it's evident that this area offers a significant discount for landlords participating in the Section 8 program. The FMR is set at approximately two-thirds of the market rent, making it a cost-effective option for landlords who wish to receive government subsidies.
The median home value in ZIP 66614 stands at $233,905. This figure is lower than what might be considered average for the Topeka MSA, indicating that properties in this ZIP code are generally less expensive compared to other areas within the metro. Given the lower property values, landlords can potentially acquire or maintain rental properties at a reduced cost, which can be advantageous when considering long-term investments.
A notable feature of ZIP 66614 is its renter share, which is 32.7%. This percentage is higher than many ZIP codes in the Topeka MSA, suggesting a greater demand for rental housing. High renter share combined with lower home values often indicates a sweet spot for Section 8 participation, as there is a larger pool of potential tenants who qualify for the program.
In summary, ZIP 66614 represents a value pocket within the Topeka, KS MSA. Its FMR is notably lower than the market rent, and the median home value is below the metro average. These factors, along with the above-average renter share, make it an attractive area for landlords interested in Section 8 housing. The combination of affordable property acquisition and a high number of eligible renters could lead to a steady stream of income and a manageable vacancy rate.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.