Section 8 Fair Market Rent (FMR) for ZIP 67202 - 2027
Location: Wichita, KS | Metro: Wichita, KS HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $840 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$58,234
When considering whether to purchase a property in ZIP 67202 for Section 8 investment, follow these steps:
- Does FMR $1080 (ZIP FY 2024) clear debt service on a $273,602 property?
- Yes. The Fair Market Rent (FMR) of $1080 can support the debt service on a property valued at $273,602. Assuming a typical mortgage rate of 4%, the annual debt service would be approximately $16,416. This translates to a monthly debt service of around $1,368, which is slightly above the FMR. However, landlords often receive additional subsidies that can help cover this gap. Therefore, if you factor in the subsidies, the answer remains a strong yes.
- No. If the mortgage rate is higher, say 5%, the monthly debt service would be about $1,464, which does not clear the FMR of $1080. In this scenario, you must consider whether the subsidies will sufficiently cover the difference. Without subsidies, the answer is a definitive no.
- Is market rent $1,237 (ZORI) above, at, or below FMR?
- Above. With the ZORI (Zillow Rent Index) at $1,237, the market rent is higher than the FMR. This indicates that landlords can potentially charge more than the FMR for non-Section 8 tenants, which can provide a buffer against any shortfall from Section 8 payments.
- At. If the ZORI were exactly $1080, the market rent would match the FMR. This situation is less favorable because there's no margin for fluctuation in market conditions.
- Below. If the ZORI were below $1080, then the market rent is lower than the FMR, making the area less attractive for Section 8 investments due to reduced potential rental income.
- Are 94.8% renters + N/A-day DOM enough demand?
- It depends. A high percentage of renters at 94.8% suggests strong demand. However, the absence of data regarding days on market (DOM) means we cannot fully assess how quickly properties are rented. If the DOM is low, indicating quick turnover, the demand is likely sufficient. Conversely, if the DOM is high, it could mean slower rental rates despite the high percentage of renters.
In conclusion, ZIP 67202 can be a viable location for Section 8 investment if the FMR supports the debt service when subsidies are considered, the market rent is above the FMR, and the days on market indicate a healthy rental market. Landlords should also be aware of any local regulations or trends that could affect the long-term viability of their investment.
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.