Section 8 Fair Market Rent (FMR) for ZIP 66945 - 2027

Location: Washington County, KS | Metro: Marshall County, KS

Investment Score for ZIP 66945

Monthly Rent (2BR)

$970

Median Price (2BR)

$107,590

1% Rule

0.9%

Annual Yield

10.82%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$780
1 Bedroom	$790
2 Bedrooms	$970
3 Bedrooms	$1,340
4 Bedrooms	$1,370
5 Bedrooms	$1,589
6 Bedrooms	$1,780
7 Bedrooms	$1,922
8 Bedrooms	$2,018

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$970	$107,590	0.9%	C
3BR	$1,340	$211,882	0.63%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,063

Median Household Income

$69,688

Housing Units

454

Renter Percentage

13.0%

Occupancy Rate

96.3%

Renter Occupied

Hanover, Kansas, located in ZIP code 66945, is a small town with a population of around 1,500 residents. The real estate market here reflects a balance between affordability and stability, making it a viable option for both landlords and small-portfolio investors.

The Fair Market Rent (FMR) for the Hanover metro area for fiscal year 2026 is set at $880, indicating the maximum amount that a low-income family should pay for housing.
The average market rent in Hanover, according to the Census American Community Survey (ACS), stands at $642, suggesting that rental properties can be priced below the FMR to remain competitive.
The median home value in Hanover is $183,294, which is relatively low compared to larger metropolitan areas, offering opportunities for investment in single-family homes or multifamily units.
Renters make up 13.0% of the housing market in Hanover, indicating a smaller but still significant portion of the population relies on rental housing.
The median income in Hanover is $69,688, providing insight into the financial capacity of potential tenants and buyers.

In summary, Hanover presents a stable real estate market with a clear gap between the Fair Market Rent and the actual market rent, offering potential for rental income growth. The lower median home value suggests opportunities for capital appreciation, especially if the town experiences economic development. Given the median income level, there is a solid foundation for tenant affordability, although the relatively low renter share might indicate a preference for homeownership among local residents. Investors should consider the potential for long-term growth in rental and property values while also being aware of the limited demand for rentals compared to owner-occupied homes.

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.