Location: Dickinson County, KS | Metro: Dickinson County, KS
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 | $840 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,100 | $135,523 | 0.81% | C |
| 3BR | $1,410 | $235,291 | 0.6% | F |
| 4BR | $1,450 | $288,787 | 0.5% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 67431, which encompasses Chapman, Kansas, stands at $82,500. This figure is critical when evaluating the local rental market dynamics. The Census Bureau's American Community Survey (ACS) reports the market rate for rentals in this area at $748 per month. Given the median income, it becomes evident that a household in Chapman can comfortably afford the market rate of $748 without significant financial strain.
In contrast, the Fair Market Rent (FMR) for the metro area, as set for fiscal year 2026, is $970. This amount represents the federal government's standard for housing assistance through vouchers. The difference between the market rate ($748) and the FMR ($970) indicates that households receiving Section 8 vouchers have more purchasing power in the rental market compared to those paying out-of-pocket. Landlords who accept vouchers can potentially benefit from a higher rent payment, making the strategy financially attractive.
With 19.4% of the population being renters and a total population of 2,242, the competition among landlords is relatively moderate. However, the affordability gap suggests that landlords who offer properties at the market rate might face challenges in attracting tenants who are eligible for vouchers due to the higher subsidy amounts available. This scenario could lead to a situation where voucher holders prefer units that accept their subsidies over those that do not, especially if they can find suitable housing at the subsidized rate.
The takeaway for landlords considering whether to accept vouchers or focus on cash-paying tenants is clear. Accepting vouchers can provide a steady stream of income at rates above the market average, reducing vacancy risks. However, landlords should also be aware of the potential for increased scrutiny and compliance requirements associated with the Section 8 program. Balancing these factors will determine the optimal strategy for maximizing profitability and minimizing risk in ZIP code 67431.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.