Location: Morris County, KS | Metro: Topeka, KS MSA
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 | $720 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $960 | $171,790 | 0.56% | F |
| 3BR | $1,260 | $248,277 | 0.51% | F |
| 4BR | $1,520 | $320,491 | 0.47% | F |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $880 for ZIP 66846 (Council Grove, KS) can sufficiently cover the mortgage on a home priced at $213,935. To evaluate this, consider the typical mortgage rate in Council Grove, which currently stands around 4.5%. A mortgage calculator reveals that the monthly payment on a $213,935 home with a 20% down payment would be approximately $960, assuming a 30-year fixed-rate mortgage. This means that the FMR would fall short by about $80 per month, suggesting that landlords should aim for slightly higher rents or prepare for a modest shortfall.
The investor may also doubt if there is sufficient rental demand given the 23.5% rental rate in Council Grove. According to recent data, the rental rate in Council Grove is relatively low, indicating that the majority of residents own their homes. However, the median home value is $143,800, which is below the national average. This suggests that while rental demand may not be high, it is still present and potentially growing due to the affordability of the area. Landlords should conduct thorough market research to identify specific areas of demand.
A final concern could be whether Housing Choice Vouchers will keep pace with market rents of $703. The voucher amount is designed to cover the average rent in the area, but the actual coverage can vary widely based on individual circumstances and the size of the unit. As of now, the voucher program aims to provide assistance that matches the FMR, but it is essential to monitor local housing trends and government funding levels to ensure sustained support. The data does not provide a direct comparison between voucher amounts and market rents, so careful monitoring is advised.
In summary, while the FMR may not fully cover the mortgage on a $213,935 home, it is close enough to make the investment viable with slight adjustments. Rental demand is lower than some markets, but the overall affordability of Council Grove supports continued interest. Lastly, the Housing Choice Voucher program's ability to keep pace with market rents requires ongoing attention to local conditions and federal funding.
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.