Location: Clay County, KS | Metro: Manhattan, KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
U.S. Census Bureau data (2024)
The ZIP code 67447 presents a unique snapshot of real estate dynamics that can be interpreted through the lens of current data points. The Fair Market Rent (FMR) for the area stands at $1020 for the fiscal year 2024, which serves as a benchmark for rental pricing in the region. Although specific market rent figures are not available, the absence of these numbers suggests that there might be limited transparency or a less active rental market compared to other areas.
The lack of percentage for price-cut share and days on market (DOM) indicates that either the market is stable, with properties selling close to their asking price without significant discounts, or that there isn't enough transactional data to provide a meaningful trend. A median home value that is also not specified implies that either the housing stock is relatively homogeneous, making it difficult to discern a median, or that the data is sparse, possibly due to fewer sales or a smaller number of listed homes.
A key indicator of the market's direction is the 3.4% renter share. This low percentage suggests that homeownership is predominant in ZIP 67447, which can imply a few things about the long-term housing pressure. Firstly, it indicates that the majority of residents own their homes, reducing the immediate demand for rentals. However, it also means that any increase in population or economic shifts could lead to increased pressure on the rental market, as there would be fewer rental units to accommodate new renters.
The dynamics of ZIP 67447 suggest a market where supply and demand are closely balanced, but with a strong bias towards homeownership. Landlords and small-portfolio investors should be cautious about overestimating the potential for rental growth, given the current high rate of homeownership. However, the FMR at $1020 provides a clear guideline for pricing units competitively, ensuring that they remain attractive to the limited pool of renters while maintaining profitability.
In conclusion, ZIP 67447 appears to be a market characterized by stability and a preference for homeownership. For those looking to invest in rental properties, understanding the local context and leveraging the FMR as a pricing tool will be crucial. The low renter share highlights the importance of considering the broader economic and demographic trends that could influence the balance between supply and demand in the future.
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.