Section 8 Fair Market Rent (FMR) for ZIP 67038 - 2027

Location: Cowley County, KS | Metro: Cowley County, KS

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$710
1 Bedroom	$730
2 Bedrooms	$960
3 Bedrooms	$1,270
4 Bedrooms	$1,440
5 Bedrooms	$1,670
6 Bedrooms	$1,870
7 Bedrooms	$2,020
8 Bedrooms	$2,121

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

692

Median Household Income

$55,699

Housing Units

289

Renter Percentage

8.2%

Occupancy Rate

79.9%

Renter Occupied

ZIP code 67038, located in Cowley County, Kansas, serves as an ideal cash-flow anchor within a Section 8 portfolio strategy. The Federal Market Rent (FMR) for the metro area in fiscal year 2026 is set at $880, significantly higher than the current market rent of $513. This creates a substantial spread of $367 per unit, ensuring that properties in this ZIP code generate positive cash flow.

The median home value being not applicable (N/A) indicates that the area is primarily rental-focused, which aligns well with a Section 8 investment strategy. The lack of data on price-cut share and days on market (DOM) suggests that property values and sales activity are less relevant compared to the rental market dynamics.

With an 8.2% renter share and a median income of $55,699, the ZIP code demonstrates a modest demand for rental properties. However, the key factor here is the guaranteed rental income through Section 8 vouchers, which stabilizes the cash flow regardless of the local rental market conditions. This makes ZIP 67038 particularly attractive for investors seeking steady and reliable income streams.

To further illustrate the cash-flow anchor role, consider the following:

Guaranteed Income: The government-backed Section 8 program ensures timely rent payments, reducing the risk of vacancy and delinquency.
Market Stability: Given the significant difference between the FMR and the market rent, there's little concern about rent adjustments keeping pace with market rates. This stability is crucial for long-term financial planning.
Low Competition: With a lower renter share, competition among landlords for tenants is likely reduced, making it easier to fill vacancies and maintain occupancy rates.

In conclusion, ZIP 67038 is best suited as a cash-flow anchor due to the favorable spread between FMR and market rents, coupled with the security of guaranteed income from the Section 8 program. This makes it an excellent choice for investors prioritizing stable and predictable returns over short-term appreciation plays or diversification strategies.

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.