Location: Morris County, KS | Metro: Geary 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 | $860 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,490 | $205,134 | 0.73% | D |
U.S. Census Bureau data (2024)
The analysis of ZIP code 66849 reveals a market that offers a moderate balance between yield and stability. The Fair Market Rent (FMR) for the area is set at $940 for fiscal year 2024, which is slightly below the market rent of $950. This suggests that while rental prices are competitive, they are not significantly higher than what is typically expected, indicating a stable rather than volatile market.
The median home value in ZIP 66849 stands at $160,405, offering landlords a solid investment opportunity. However, the percentage of renters is relatively low at 16.0%, which could impact the demand for rental properties. Additionally, the average household income is $61,875, which is a key indicator of the financial stability of potential tenants. A higher income level generally correlates with lower risk of default on rent payments.
Given these figures, ZIP 66849 does not fit the profile of a high-yield/low-stability flip-style market. Instead, it aligns more closely with a steady-cashflow zone. The slight discrepancy between the FMR and market rent, combined with the moderate home values and reasonable tenant income levels, supports an environment where landlords can expect consistent returns without the risks associated with highly speculative markets. The low percentage of renters might require landlords to focus on attracting and retaining tenants through quality property management practices rather than relying solely on high rental yields.
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.