Location: Lyon County, KS | Metro: Topeka, KS MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
U.S. Census Bureau data (2024)
In ZIP code 66868, there are several factors that could negatively impact a Section 8 investment. Tenant turnover is a significant risk due to the disparity between the market rent at $792 and the Fair Market Rent (FMR) at $950 for fiscal year 2024. This difference can lead to higher tenant churn as individuals seek properties that better match their financial capabilities. Additionally, vacancy exposure is a concern given the lack of data on the average number of days on the market (DOM), which makes it difficult to predict how quickly a property might be rented out. The deferred maintenance risk is also notable, considering the typical home value of $264,607 and the median income of $103,393. Landlords may face challenges in maintaining properties to meet Section 8 standards without the necessary financial buffer from residents.
However, these risks must be weighed against the high renter density in the area, indicated by the 7.6% renter share. High renter concentration often translates into increased demand for housing vouchers, potentially stabilizing occupancy rates and providing a steady stream of tenants. The presence of numerous renters in ZIP 66868 suggests that there is likely a robust pool of voucher holders who would be interested in leasing Section 8-compliant properties.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.