Location: Republic County, KS | Metro: Cloud County, KS
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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,220 | $136,030 | 0.9% | C |
U.S. Census Bureau data (2024)
ZIP code 66966 is situated in a small neighborhood characterized by a modest population size of just 577 residents. This community reflects a typical suburban setting, where a significant portion—35.3%—of the population are renters. The median household income in this area stands at $51,125, indicating a middle-class demographic. The median home value is relatively low at $123,797, suggesting an affordable housing market.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 66966, as determined by the metro area for fiscal year 2026, is set at $880. However, the actual market rent, according to the Census ACS, is notably lower at $679. This discrepancy between the FMR and the market rent presents an opportunity for landlords and investors who can leverage the higher voucher amounts to cover operational costs or even to enhance property values through improvements.
The question then arises: does this area suit a hands-off voucher operator or a hands-on value-add buyer? Given the lower median home value and the disparity between FMR and market rent, it appears that ZIP 66966 would be more suitable for a hands-on value-add buyer. A landlord or investor who is willing to invest in property improvements could potentially increase rents closer to the FMR, thereby maximizing returns. Meanwhile, a hands-off operator might struggle with the lower market rents, which do not fully utilize the higher voucher amounts available in the area.
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.