Location: Republic County, KS | Metro: Cloud County, KS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The median income in ZIP code 66940 stands at $44,432, which places significant constraints on the average household's ability to pay market-rate rent of $475. This suggests that many residents might struggle to cover the current rental costs without financial strain. When comparing this to the federal payment standard for housing vouchers, which is set at $880 for the metro area in fiscal year 2026, it becomes evident that the disparity between median income and both market-rate and voucher-supported rents is substantial.
With 25.7% of the population renting and a total population of 283, the number of potential renters is relatively low. This means that landlords face a competitive market where attracting tenants can be challenging due to limited demand and high affordability gaps. The majority of the households earning the median income would likely require assistance to meet even the lower market-rate rent, let alone the higher voucher payment rates.
The takeaway for landlords considering their strategy between accepting vouchers versus cash-paying tenants is clear: while voucher payments offer a guaranteed income stream at a higher rate ($880), they come with the administrative burden of working with government programs. On the other hand, cash-paying tenants, though potentially fewer due to the income constraints, provide flexibility and direct control over the rental process. Landlords should weigh these factors carefully, considering the local tenant pool and the balance between guaranteed income and operational ease.
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.