Location: Wichita, KS | Metro: Wichita, KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,330 |
| 5 Bedrooms | $2,703 |
| 6 Bedrooms | $3,027 |
| 7 Bedrooms | $3,269 |
| 8 Bedrooms | $3,432 |
U.S. Census Bureau data (2024)
The median income in ZIP code 67227 stands at $77,386, providing insight into the economic profile of the area. However, without specific market rate data for rentals, it's challenging to assess the overall affordability for households in this region. To gain a clearer understanding, we turn to the voucher payment standard set for Fair Market Rent (FMR) at $1350 for zip code 67227 in fiscal year 2024.
This FMR figure represents the average amount a household receiving a housing voucher would pay for rent. Given the limited data on market rates, this standard serves as a benchmark for rental costs in the area. The fact that the population is relatively small, with only 152 residents and an even smaller percentage of renters, suggests a highly competitive environment for landlords.
The scarcity of renters in ZIP 67227 means that landlords must be strategic in their approach to attract tenants. Vouchers offer a guaranteed and consistent source of income, backed by federal funding. This makes them particularly attractive in areas with low tenant populations where the risk of vacancy is higher.
However, landlords should also consider the dynamics of cash-paying tenants. While the median income of $77,386 indicates potential for higher rents, the limited number of renters might make it difficult to fill properties at market rates. Therefore, landlords should weigh the benefits of voucher tenants, who provide a stable income stream, against the possibility of securing higher rent payments from cash-paying tenants.
In conclusion, given the low number of renters and the small population size, landlords in ZIP 67227 should prepare for stiff competition. Accepting vouchers ensures a steady income but may limit the ability to charge premium rents. Landlords must carefully evaluate these factors to determine the best strategy for their properties. If the market rate is significantly above the FMR of $1350, then focusing on attracting cash-paying tenants could be more profitable. Otherwise, embracing voucher tenants is a reliable way to keep units occupied and generate consistent revenue.
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.