Location: Reno County, KS | Metro: Wichita, KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
Burrton, Kansas, located in ZIP code 67020, is a small community with a total population of 1,596 residents. The neighborhood has a modest rental market, with 20.3% of its inhabitants being renters. The median household income in Burrton stands at $80,680, indicating a relatively stable economic environment where residents have the financial means to support their living expenses. The median home value in the area is $170,326, which suggests a moderate housing market, neither excessively expensive nor particularly affordable.
From an investment perspective, the Federal Market Rent (FMR) for ZIP 67020 in fiscal year 2024 is set at $880, while the average market rent based on Census ACS data is $811. This discrepancy between the FMR and the actual market rent highlights a potential opportunity for landlords and small-portfolio investors. The higher FMR can provide a cushion against market fluctuations and ensure a steady stream of income for those who qualify under the Section 8 program.
The question then becomes whether this ZIP code is suitable for a hands-off voucher operator or requires a more engaged, value-add buyer. Given the relatively low percentage of renters and the moderate income levels, a hands-off approach could be viable. Landlords can rely on the Section 8 program to manage tenant selection and rent payments, minimizing the day-to-day involvement required to maintain properties. However, the potential for value-add opportunities should not be overlooked. With the median home value being slightly above the national average and the income levels supporting a modest lifestyle, there is room for improvement in property quality and management practices, which could lead to higher occupancy rates and better tenant satisfaction.
In conclusion, ZIP 67020 offers a balanced environment for both hands-off and hands-on investors. For those looking to minimize risk and effort, the Section 8 program provides a reliable framework. Meanwhile, for investors willing to take a more active role, there are opportunities to enhance property performance and tenant retention through strategic improvements and management.
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.