Location: Wichita, KS | Metro: Wichita, KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
The median income in ZIP code 66842 stands at $73,125, which places residents in a moderate financial position. However, the absence of specific market rate rental data (N/A) makes it challenging to assess the overall affordability for households. Despite this, we can draw some insights using the Fair Market Rent (FMR) figure of $880 provided by the voucher program for fiscal year 2024.
To understand the affordability gap, consider that the median income translates to a monthly earning capacity of approximately $6,093. Based on typical housing affordability standards, where housing costs should not exceed 30% of income, this would suggest that a household could afford rent up to around $1,828 per month. Comparatively, the FMR of $880 is significantly lower, indicating a substantial gap between what residents can afford and what the voucher program offers.
With only 11.5% of the 508-person population being renters, the competition among landlords is likely to be fierce. Landlords must carefully consider their tenant acquisition strategies to attract the limited pool of potential renters. The affordability gap suggests that many households might find it difficult to pay the market rate without assistance, making them prime candidates for voucher programs.
The takeaway for landlords is clear: focusing on accepting vouchers can provide a competitive edge in securing tenants. While cash-paying tenants might offer higher immediate returns, the reality of the local market indicates that many households will require the support of vouchers to afford housing. By positioning properties to accept vouchers, landlords can ensure a steady stream of tenants and navigate the challenges posed by the local economic conditions.
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.