Location: Cherokee County, KS | Metro: Cherokee County, KS HUD Metro FMR Area
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 | $730 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,260 |
| 5 Bedrooms | $1,462 |
| 6 Bedrooms | $1,637 |
| 7 Bedrooms | $1,768 |
| 8 Bedrooms | $1,856 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $960 | $80,824 | 1.19% | B |
| 3BR | $1,260 | $168,518 | 0.75% | D |
| 4BR | $1,260 | $207,500 | 0.61% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP 66739, which encompasses Galena, Kansas, and is part of the Cherokee County, KS HUD Metro FMR Area, does not favor landlords. The Federal Market Rent (FMR) for the area is set at $880 for fiscal year 2026, while the actual market rent, according to Census ACS data, is lower at $782. This discrepancy suggests that landlords may not be able to charge the FMR without potentially facing vacancy issues.
Acquisition of properties in this ZIP code is relatively affordable. The median home value stands at $122,219, making it an attractive option for investors looking to enter the market with a moderate budget. However, the lack of data on days on market (DOM) and the low percentage of homes requiring price cuts (0.2%) indicate that the market is stable but not particularly dynamic, suggesting limited opportunities for quick flips or significant price adjustments.
Tenant demand in ZIP 66739 is modest given the population size and rental habits. With a total population of 5,025, the area has a 26.1% renter share. This translates to approximately 1,312 potential renters. While this number is not negligible, it does imply a smaller pool of tenants compared to larger metropolitan areas, which could impact occupancy rates and the speed at which units are filled.
Verdict: The rent math in ZIP 66739 does not align favorably with the Federal Market Rent, indicating potential challenges in maintaining high occupancy rates. Property acquisition is affordable, with a median home value of $122,219, but the market dynamics suggest stability rather than volatility. Tenant demand is present, but limited by the small population size. Landlords and small-portfolio investors should proceed with caution, focusing on cost-effective management practices to ensure profitability.
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.