Location: Topeka, KS | Metro: Topeka, KS MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 66621 in fiscal year 2024 is set at $1030. This figure serves as a benchmark for rental prices in the area, particularly for properties participating in the Housing Choice Voucher program. However, it does not provide a complete picture of the overall rental market dynamics.
The median home value in ZIP 66621 is notably low, with the data indicating a median home value of $0, which likely reflects a lack of sufficient data points to calculate an accurate median. Given the low median home value, it suggests that the area may have a significant proportion of rental properties rather than owner-occupied homes.
In terms of income, the average household income in ZIP 66621 is significantly below the state average. For the 2004 tax year, the average Adjusted Gross Income (AGI) was $10,595. While this figure is from several years ago, it indicates that the area may have a lower-income demographic. This can impact the ability of residents to afford higher rents, potentially leading to higher vacancy rates and longer days on market (DOM).
The data does not provide specific percentages for renters or days on market, but given the low median home value and average income, we can infer that the stability might be moderately low. Areas with lower incomes often experience higher volatility in the rental market due to tenants' limited financial flexibility.
To conclude, ZIP 66621 appears to be a moderate-yield market with the potential for decent cash flow from rental properties, especially those participating in the Section 8 program. However, the stability is likely to be moderate due to the low median home value and average income levels, suggesting that landlords should be prepared for some degree of tenant turnover and vacancy periods.
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.