Location: Elk County, KS | Metro: Chautauqua County, KS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The analysis for ZIP code 67353 reveals a significant disparity between the Fair Market Rent (FMR) and the actual market rent as reported by the Census ACS. The FMR for the metro area in fiscal year 2026 is set at $1,000, while the current market rent stands at $475. This creates a gap of $525 per month, representing a 110% premium over the market rate.
Given that the FMR exceeds the market rent, this scenario presents a unique opportunity for landlords and small-portfolio investors. The higher FMR means that voucher tenants can potentially cover rents well above the local market average, making this a yield play. Investors can capitalize on the difference by charging closer to the FMR, thereby increasing their rental income without exceeding what voucher recipients can afford.
ZIP 67353 has a relatively low percentage of renters at 6.9%, indicating a smaller but still viable market for rental properties. The median home value in the area is $69,628, which is quite low compared to national averages, suggesting that homeownership may be less common or affordable. Meanwhile, the median income is $56,964, providing insight into the economic profile of residents and their ability to afford housing.
The cost of housing voucher tenants below open-market rates is minimal in this context. Since the FMR is significantly higher than the market rent, landlords can accept voucher tenants knowing they will receive a steady, government-backed income that exceeds the typical rental price. This stability can offset risks associated with tenant turnover and maintenance, offering a reliable cash flow source for investors.
To summarize, the gap between FMR and market rent in ZIP 67353 makes it an attractive market for those looking to maximize yields through Section 8 vouchers. The low market rent combined with a high FMR allows for a substantial increase in rental income, while the economic indicators suggest a manageable risk profile for investors.
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.