Location: Russell County, KS | Metro: Lincoln County, KS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
The ZIP code 67481 is primarily a homeowner-dominated area with a relatively low percentage of renters at 17.7%. This suggests that the demand for rental properties, especially those utilizing Section 8 vouchers, may be less robust compared to more renter-heavy areas. The population size of 729 indicates a small community, which could limit the overall number of potential tenants.
The median household income in ZIP 67481 is $55,685, which provides context for the affordability of housing. With a market rent of $646, the typical rent consumes approximately 12.1% of the median household income. This figure is calculated by taking the monthly rent ($646) and dividing it by the annual income ($55,685), then multiplying by 12 to find the yearly proportion. This percentage is reasonable and aligns with general affordability standards, but it's important to note that this calculation assumes a single-income household and doesn't account for other expenses.
Comparing the market rent to the Fair Market Rent (FMR) of $880, which is set for FY 2026, highlights that the actual rents in 67481 are below the FMR. This means that landlords in this area can expect to receive Section 8 vouchers that cover up to the FMR, potentially allowing them to charge higher rents without exceeding the voucher limits. However, given the lower market rent, it might be prudent to keep rental rates closer to the current market average to remain competitive and attractive to tenants.
In terms of tenant profiles, landlords in ZIP 67481 should anticipate a mix of low-income families and individuals who rely on Section 8 vouchers to secure affordable housing. These tenants will likely have an income below the median for the area, making the $646 rent a significant portion of their budget. Landlords must ensure they comply with HUD regulations and manage expectations regarding the financial stability and needs of these tenants. Given the small population and homeowner dominance, competition among landlords for Section 8 tenants could be intense, necessitating well-maintained properties and adherence to fair housing practices to attract and retain tenants.
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.