Location: Wichita, KS | Metro: Wichita, KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
U.S. Census Bureau data (2024)
The ZIP code 67132 presents several challenges for landlords considering Section 8 investments. Tenant turnover is a significant concern, as the market rent is not specified but the Fair Market Rent (FMR) for the fiscal year 2024 is set at $880. This figure represents the maximum amount that a landlord can charge for a rental unit under the Section 8 program, which may not align with local market conditions. If the market rent exceeds this FMR, landlords might face higher tenant turnover rates as voucher holders seek properties within their budget.
Vacancy exposure is another risk factor. The Days on Market (DOM) for the area is not available, which makes it difficult to predict how long it might take to find a Section 8 tenant. A longer DOM period can lead to increased vacancy costs and financial strain on the landlord's cash flow. Furthermore, the typical home value is not specified, but the median income in the area stands at $111,094. This suggests that homeowners in the area have the financial capability to maintain their properties, but it also implies that landlords may face deferred maintenance issues when dealing with Section 8 tenants who may not have the same resources for upkeep.
Despite these risks, the ZIP code has a high renter share of 17.5%, indicating a robust demand for rental housing. High renter density often translates into a larger pool of potential Section 8 tenants, reducing the risk of vacancy. Landlords should be prepared to manage the balance between setting competitive rents and adhering to the FMR guidelines, while also being proactive about property maintenance to ensure compliance with program requirements.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.