Location: Marion County, KS | Metro: Wichita, KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,330 |
| 5 Bedrooms | $1,543 |
| 6 Bedrooms | $1,728 |
| 7 Bedrooms | $1,866 |
| 8 Bedrooms | $1,959 |
U.S. Census Bureau data (2024)
880 FMR (zip FY 2024) represents the Fair Market Rent set by HUD for ZIP code 66840, which is higher than the $754 market rent reported by the Census ACS. This indicates that there is a potential for landlords to increase their rental income by aligning with the FMR standards. The median home value stands at $203,019, suggesting a stable housing market where property values have remained consistent. With a 10.6% renter share, it's evident that a significant portion of the population in ZIP 66840 prefers renting over owning, making rental properties a viable investment option. The median income of $56,111 provides insight into the financial capacity of the residents, though it's important to note that the average rent-to-income ratio is below 50%, which is generally considered affordable. However, the lack of data on days on market (DOM) and the percentage of price-cut shares means that there might be limited information on how quickly properties are being rented out and whether there is competition among landlords leading to price reductions. Given these figures, landlords should consider the higher FMR as a benchmark for setting competitive rents while keeping an eye on the overall affordability for tenants. The stable median home value and the relatively low renter share suggest that the demand for rentals is steady but not overwhelming, allowing for a balanced approach to pricing and property management. In conclusion, the Section 8 program presents a strong opportunity for landlords in ZIP 66840, given the favorable rent-to-income ratio and the higher FMR compared to market rent.
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.