Location: Republic County, KS | Metro: Cloud County, KS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 66948, located in Republic County, KS, reveals several key points that are crucial for landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $910. However, the market rent is listed as N/A, which means there is insufficient data to make a direct comparison. Given the lack of market rent information, it's challenging to determine if the $910 FMR aligns with what tenants are willing to pay.
Regarding the affordability of property acquisition, the median home value stands at $93,803. This figure suggests that purchasing properties in this ZIP code is relatively inexpensive compared to larger metropolitan areas. Unfortunately, the Days on Market (DOM) and the percentage of homes requiring price cuts are also listed as N/A, leaving gaps in understanding how quickly homes sell and at what discount rates.
Tenant demand in ZIP 66948 is limited. With a total population of only 566, the potential pool of renters is quite small. Moreover, the renter share is just 4.9%, indicating a low proportion of the population that is likely to be seeking rental housing. These factors suggest that finding and retaining tenants could be difficult.
Verdict: Investing in ZIP 66948 presents challenges due to the limited tenant base and the lack of comprehensive market data. While property acquisition appears affordable, the viability of renting at the FMR of $910 is uncertain without knowing the actual market rent. The small population and low renter share further complicate the prospect of sustaining a profitable rental business. Investors should proceed with caution and seek additional local insights before committing to this market.
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.