Location: Harper County, KS | Metro: Harper County, KS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
The skepticism around investing in ZIP 67036 is understandable, given the unique challenges faced by real estate investors. Let's break down the concerns one by one.
Will FMR $920 (metro FY 2026) cover the mortgage on a home? According to recent data, the average home price in ZIP 67036 is not explicitly provided, which makes it challenging to calculate a precise mortgage amount. However, the Fair Market Rent (FMR) of $920 can be considered a baseline for rental income. To ensure profitability, investors must consider the typical mortgage rates and the cost of property taxes, insurance, and maintenance. A conservative approach would be to compare the FMR against these costs to determine if it provides a sufficient buffer for potential financial fluctuations.
Is there enough renter demand at 5.1%? The rental vacancy rate of 5.1% in ZIP 67036 suggests a relatively balanced market. While this rate is slightly above the national average, it indicates that there is still a demand for rental properties. The majority of households in this area are either owned or have a mortgage, indicating a steady population base. Rentals tend to be priced between $300 - $499 for 1-bedroom units, which is lower than the FMR. This pricing strategy might help attract tenants in a competitive market, but investors should also consider the broader economic context and tenant preferences when setting rent.
Will vouchers keep pace with market rents? Data on voucher utilization rates specifically for ZIP 67036 is not readily available. However, it's important to note that voucher programs are designed to assist low-income families and individuals, and their usage can vary widely based on local policies and economic conditions. Given the lower end of rental prices in this area, vouchers could play a significant role in helping tenants afford housing. Investors should monitor local housing authority announcements and trends to gauge how well vouchers align with market rents.
In summary, while some data points are missing, such as the average home price in ZIP 67036, the available information paints a picture of a market with moderate demand and lower-than-average rental prices. The FMR of $920 provides a benchmark for rental income, but careful consideration of additional expenses is necessary to ensure profitability. Vouchers could be a viable source of income for investors, although specific data on their utilization in this area is lacking.
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.