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 | $1,110 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $2,000 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,500 | $236,048 | 0.64% | D |
| 3BR | $2,000 | $299,111 | 0.67% | D |
| 4BR | $2,030 | $390,801 | 0.52% | F |
U.S. Census Bureau data (2024)
1230 is the Fair Market Rent (FMR) for ZIP 66615 in Topeka, KS, for fiscal year 2024. 1314 is the Zillow Observed Rent Index (ZORI), indicating the market rent for the area. 311,955 represents the median home value in ZIP 66615, reflecting the overall property valuation. 29.2% is the renter share of the population, suggesting a moderate demand for rental properties. 107,656 is the median income in the area, providing insight into the financial capacity of potential tenants. While the days on market (DOM) and price-cut share percentages are not available, the data still offers valuable insights for investors. The difference between the FMR and ZORI indicates a slight premium landlords can charge above the government-set rates, but it's essential to consider the local median income when setting rents. With a median income of 107,656, most residents can afford the 1314 monthly rent, making the area attractive for rental investments. However, the 29.2% renter share suggests that while there is a significant tenant base, competition for rental properties might be moderate. For Section 8 investors, the 1230 FMR is a critical figure, as it sets the upper limit for rental assistance payments. Given the median home value and the reasonable gap between FMR and market rent, landlords can expect steady demand and manageable vacancy rates. In conclusion, ZIP 66615 presents a balanced opportunity for Section 8 participation, with sufficient tenant demand and reasonable rental premiums.
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.