Location: Trego County, KS | Metro: Gove County, KS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,270 |
| 5 Bedrooms | $1,473 |
| 6 Bedrooms | $1,650 |
| 7 Bedrooms | $1,782 |
| 8 Bedrooms | $1,871 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $880 can cover the mortgage on an average-priced home in the area. Unfortunately, the specific average home price for ZIP 67584 was not provided in the search results. However, it is important to consider that FMRs are set to ensure affordability and may not always align with the cost of purchasing property. To accurately assess if the FMR will cover the mortgage, one must compare it against the actual monthly mortgage payments for homes in the area.
The investor could also be concerned about the level of renter demand, given the figure of 23.9%. This percentage suggests that a significant portion of the population in ZIP 67584 is renting. According to the data, rentals in the area are primarily 3+ bedroom units, with typical rents ranging from $200 to $299 per month, including utilities. This indicates that the demand for rental properties is present, albeit at lower price points. It is crucial to note that the FMR of $880 is higher than the typical rental range, which could imply potential for higher-end rental properties.
Another objection might be whether housing vouchers will keep pace with the local market rents. The data does not provide specific information on voucher usage trends in ZIP 67584. However, it is known that voucher amounts are periodically adjusted based on regional cost of living changes. Landlords should monitor local HUD announcements and adjustments to ensure they remain competitive and eligible for voucher tenants. Given the lower typical rents compared to the FMR, it is likely that voucher holders may find it easier to secure housing in this ZIP code.
In summary, while some data points such as the average home price and voucher trends are not fully covered, the presence of renter demand and the disparity between typical rents and the FMR suggest opportunities for both affordable and potentially higher-end rental investments. Landlords should conduct thorough research and stay informed on local real estate trends and government assistance programs.
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.