Location: Reno County, KS | Metro: Reno County, KS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
The median income in ZIP code 67514 stands at $53,750, which contrasts sharply with the market rate for rent at $853 per month according to the Census ACS data. This means that the average household in this area faces a significant challenge in affording the typical rental costs without financial assistance.
When comparing the market rate to the Fair Market Rent (FMR) set at $890 for fiscal year 2026, it becomes evident that the difference is minimal, indicating that the market rate closely aligns with the government standards for housing affordability. However, the median income figure suggests that many residents would struggle to meet even these modest rent levels without support.
In ZIP 67514, where 26.9% of the 705 residents are renters, the affordability gap poses a substantial challenge for landlords. The competition among landlords is likely intense as they vie for tenants who can afford market rates or those willing to accept vouchers. Given the income levels, landlords may find themselves catering to a mix of tenants, including those who rely on vouchers to cover their housing expenses.
For landlords considering whether to accept voucher tenants or focus on cash-paying residents, the data points to a strategic decision. While cash-paying tenants might offer quicker and more straightforward transactions, the reliance on voucher payments could be a viable option given the high number of residents who might require such assistance to afford housing. Accepting vouchers ensures a steady stream of income but requires compliance with additional regulations and paperwork.
The takeaway for landlords is that diversifying their tenant base to include both voucher and cash-paying residents could be beneficial. It allows them to cater to the broader economic spectrum present in ZIP 67514, potentially reducing vacancy rates and stabilizing their rental income amidst an affordability gap that challenges many households to pay the $853 market rate independently.
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.