Location: Cherokee County, KS | Metro: Cherokee County, KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
U.S. Census Bureau data (2024)
The median income in ZIP code 66782 stands at $36,458, which makes it challenging for many households to afford the market rate rent of $894. This figure is just slightly above the Fair Market Rent (FMR) set at $880 for the metro area in fiscal year 2026, indicating a narrow margin for affordability.
Given that only 22.7% of the 164 residents are renters, the competition among landlords is likely to be fierce. The limited number of potential tenants means that landlords must carefully consider their rental strategies to attract and retain tenants.
The affordability gap is evident when comparing the median income to the market rent. A household earning the median income would spend approximately 30% of its monthly income on rent alone, leaving little room for other expenses such as utilities, food, and transportation. This financial strain could lead to higher tenant turnover rates and difficulty in finding reliable cash-paying tenants who can consistently meet the market rate.
Landlords in ZIP 66782 should consider accepting housing vouchers as part of their rental strategy. Vouchers, which cover up to $880 of the rent, align closely with the FMR and can help stabilize occupancy rates. While the voucher payment standard is slightly below the market rate, it provides a guaranteed and stable income source, reducing the risk of vacancies and non-payment.
In conclusion, landlords in ZIP 66782 face a challenging environment where the majority of potential tenants struggle to meet market rate rents. Accepting vouchers can provide a competitive edge in securing long-term, stable tenancy, despite the slightly lower payment compared to the market rate. This approach is particularly beneficial given the high competition and limited pool of renters.
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.