Location: Wichita, KS | Metro: Wichita, KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
U.S. Census Bureau data (2024)
The ZIP code 67017 in Benton, KS, is characterized by a relatively small population of 2,264 residents, where only 10.7% are renters. This indicates a predominantly owner-occupied community with a median household income of $88,750, suggesting a middle to upper-middle class neighborhood. The median home value in the area stands at $329,867, which reflects the overall economic status and housing demand.
When it comes to rental economics, the Fair Market Rent (FMR) for ZIP 67017 is set at $1,250 for fiscal year 2024. However, the actual market rent, according to Census ACS data, is significantly lower at $992 per month. This discrepancy between FMR and market rent presents an opportunity for Section 8 investors, as they can potentially secure higher rents compared to the local market rates.
Given these factors, ZIP 67017 is suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the relatively high FMR provides a stable income stream with less risk of vacancy due to the government-backed program. On the other hand, hands-on investors could leverage the difference between FMR and market rent to improve properties and command higher rents, aligning closer to the $1,250 FMR while still attracting tenants through the Section 8 program.
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.