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 | $750 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,340 | $236,643 | 0.57% | F |
| 4BR | $1,660 | $284,664 | 0.58% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 67117 stands at $87,377, indicating a relatively comfortable economic situation for residents. However, when considering the market rate for rent, which is $839 according to Census ACS data, the financial landscape becomes more nuanced. This rent figure represents a significant portion of the average household's income, suggesting that while theoretically affordable, the actual strain on finances could be considerable.
Comparatively, the voucher payment standard for Fair Market Rent (FMR) in ZIP 67117 for fiscal year 2024 is set at $900. This amount is slightly higher than the market rate but still within reach for many households. It implies that families receiving vouchers might find it easier to secure housing in this area compared to those paying out-of-pocket, as the voucher covers a larger share of their potential rental costs.
With 32.6% of the population being renters and a total population of 2,157, the competition among landlords is moderate. The affordability gap between the median income and the market rate rent suggests that there is a segment of the population that may struggle to pay market rates without assistance. This dynamic creates an environment where landlords who accept vouchers could have a competitive edge, especially if they cater to lower-income families who rely on government support for housing.
For landlords weighing the decision between accepting vouchers or focusing on cash-paying tenants, the key takeaway is that ZIP 67117 offers a balanced opportunity. Accepting vouchers can provide a steady stream of reliable tenants, given the slight overlap between voucher payments and market rates. On the other hand, cash-paying tenants might offer more flexibility and potentially higher rents, though they may be harder to come by due to the affordability constraints faced by some households. Landlords should consider their property management capabilities and tenant preferences when deciding on their strategy.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.