Location: Wichita, KS | Metro: Wichita, KS HUD Metro FMR Area
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 | $720 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $960 | $159,155 | 0.6% | D |
| 3BR | $1,270 | $249,791 | 0.51% | F |
U.S. Census Bureau data (2024)
The ZIP code 67074 in Leon, KS, encompasses a small-town neighborhood with a total population of 1,583 residents. Only 11.6% of these residents are renters, indicating a predominantly owner-occupied community. The median household income stands at $72,045, suggesting a middle-class area where most residents can afford their living expenses without significant financial strain. Median home values in the area are set at $205,976, reflecting a modest yet comfortable residential market.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 67074 in fiscal year 2024 is established at $880. This figure contrasts with the market rent reported by the Census Bureau's American Community Survey (ACS), which is pegged at $797. The higher FMR indicates a potential opportunity for landlords who are willing to participate in the Section 8 housing choice voucher program, as it suggests they could receive slightly above-average rental income compared to the local market rate.
Considering the characteristics of this ZIP code, it would suit both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the relatively low percentage of renters means there might be fewer applications and competition for vouchers, simplifying tenant selection. The difference between the FMR and market rent provides a modest buffer for those who prefer steady, predictable income streams.
On the other hand, hands-on value-add buyers could find opportunities to improve properties and increase their value, benefiting from the modest median home value and income levels. By enhancing the quality of rental units, such buyers could potentially command rents closer to the FMR, thereby increasing their profitability while still being accessible to Section 8 participants.
In summary, ZIP 67074 in Leon, KS, offers a stable environment for both types of investors. Hands-off operators can benefit from a straightforward rental market, while hands-on buyers have room to create value through property improvements. The economic indicators suggest a balanced approach to investment, with clear paths to success for either strategy.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.