Location: Rice County, KS | Metro: Barton County, KS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 67427, with a median income of $49,250, presents a challenging landscape for renters when considering the market rate of $817 per month for housing. This figure represents the average cost that households must bear to secure a dwelling, which is already a significant portion of their earnings.
Comparatively, the federal payment standard for Housing Choice Vouchers, set at $900 per month (FMR for metro FY 2026), offers a slightly higher subsidy than the market rate. This means that voucher holders could potentially find more affordable options relative to the market, as the subsidy exceeds the typical rent by $83 per month.
Given that only 9.1% of the 323 residents are renters, competition among landlords for tenants is likely to be fierce. The low number of renters suggests a limited pool of potential tenants, making it crucial for landlords to understand the financial realities faced by these households.
The affordability gap is stark: a household earning the median income would spend nearly 20% of its monthly income on rent alone at the market rate of $817. This percentage increases to over 20% when considering the voucher payment standard of $900. Such a high proportion of income dedicated to housing leaves little room for other expenses, indicating a struggle for many renters in this area.
For landlords, the decision between accepting vouchers or focusing on cash-paying tenants requires careful consideration. While cash-paying tenants might offer immediate financial stability, the higher subsidy through vouchers could provide a more consistent income stream, especially in a market where finding suitable tenants is difficult due to the small number of renters and the high cost of living relative to income levels.
The takeaway is clear: landlords in ZIP 67427 should consider the benefits of accepting vouchers. Though the initial payment standard of $900 may seem lower than market rates, it ensures a steady flow of income and reduces the risk of vacancies, which can be costly. Moreover, it aligns with the financial capabilities of the local renter population, who are already stretched by the high rent-to-income ratio.
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.