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 | $730 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $980 | $187,058 | 0.52% | F |
| 3BR | $1,300 | $257,236 | 0.51% | F |
| 4BR | $1,610 | $291,813 | 0.55% | F |
U.S. Census Bureau data (2024)
ZIP code 67209, located in Wichita, KS, falls within the broader Wichita, KS HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1,080. To contextualize this figure, we must consider it alongside the area's average market rent of $1,475 and median home value of $256,143. Additionally, the ZIP has a renter share of 24.6%.
The FMR of $1080 in ZIP 67209 is notably lower than the market rent of $1,475. This indicates that the area is more affordable for tenants receiving housing assistance under the Section 8 program. The lower FMR relative to market rents suggests that properties here can be rented out at rates closer to the FMR without significant loss compared to other areas in the metro where FMR might be closer to the market rent.
The median home value of $256,143 in ZIP 67209 aligns closely with the typical values seen across the Wichita, KS HUD Metro FMR Area. This means that property owners in this ZIP are likely to find their investments valued similarly to those in other parts of the metro, assuming they are not in an exceptionally high-value or low-value area.
The renter share of 24.6% is a key indicator of potential demand for rental properties, especially those participating in the Section 8 program. While this percentage is not extraordinarily high, it does suggest a modest level of interest among renters, which could support a steady demand for subsidized housing units.
Given these figures, ZIP 67209 appears to be a value pocket within the Wichita, KS HUD Metro FMR Area. The combination of a below-market FMR and a median home value that matches the metro average suggests that this area offers landlords and small-portfolio investors a good opportunity to attract Section 8 tenants while maintaining competitive property values. However, the relatively moderate renter share implies that the demand for subsidized rentals may not be as high as in areas with a significantly larger proportion of renters.
Note that a high renter share with below-metro home values often signals a Section 8 sweet spot. In the case of ZIP 67209, the home values are on par with the metro average, but the FMR being substantially lower than the market rent still makes it a favorable location for Section 8 participation.
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.