Location: Smith County, KS | Metro: Smith 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 | $740 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $65,638 | 1.54% | A+ |
| 3BR | $1,320 | $127,050 | 1.04% | B |
| 4BR | $1,490 | $170,092 | 0.88% | C |
U.S. Census Bureau data (2024)
The dynamics of the Smith Center, KS (ZIP 66967) real estate market reveal a balance between supply and demand, but with indications that demand could be on the rise. The Fair Market Rent (FMR) set at $920 for the fiscal year 2026 reflects a higher benchmark compared to the current market rent of $678, as reported by the Census American Community Survey. This suggests that while the market currently operates below the FMR, there's potential for rental rates to increase as the market adjusts to meet the federal guidelines.
The median home value in Smith Center stands at $104,198. Although we lack specific data on the percentage of price-cut shares and days on market (DOM), the gap between the FMR and the actual market rent indicates that landlords might have some flexibility to raise rents without significantly impacting occupancy rates. This is further supported by the 17.5% renter share, which is relatively low. A lower renter share often implies less immediate pressure on rental properties, but it also suggests that a significant portion of the population remains homeowners. As such, any shift towards renting could create additional pressure on the market.
The market in Smith Center appears to be stable, with a hint of upward momentum in rental pricing. Landlords should monitor local economic indicators and federal housing assistance trends closely to gauge whether the current trend will continue. Small-portfolio investors might find opportunities in both rental and homeownership markets, given the reasonable median home value and the potential for rental rates to approach the FMR.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.