Section 8 Fair Market Rent (FMR) for ZIP 67638 - 2027

Location: Smith County, KS | Metro: Smith County, KS

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$710
1 Bedroom	$860
2 Bedrooms	$960
3 Bedrooms	$1,250
4 Bedrooms	$1,420
5 Bedrooms	$1,647
6 Bedrooms	$1,845
7 Bedrooms	$1,993
8 Bedrooms	$2,093

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

Median Household Income

$57,083

Housing Units

Renter Percentage

33.3%

Occupancy Rate

38.7%

Renter Occupied

The ZIP code 67638 presents a unique set of challenges and opportunities for landlords and small-portfolio investors. With a median income of $57,083, many households in this area face difficulties in affording the market rate rent of $575 per month, which is based on Census ACS data.

Affordability: The median income suggests that most residents are already stretched when it comes to housing costs. A household earning the median income would find it challenging to allocate a significant portion of their earnings towards rent at the market rate, let alone the Fair Market Rent (FMR) standard of $880 as set for metro FY 2026.

Given that 33.3% of the population are renters and the total population is 70, the competition among landlords in this area is relatively low compared to densely populated regions. However, the affordability gap between the median income and both the market rate and FMR standards is substantial, indicating a potential struggle for landlords to find tenants willing or able to pay the higher FMR rates.

Landlords considering voucher vs. cash-pay strategies should take note of these dynamics. While voucher payments ensure a steady stream of income at the higher FMR rate of $880, the lower market rate of $575 might attract more tenants who are struggling financially but prefer the flexibility and privacy that come with paying directly without the involvement of government programs. The decision should weigh the benefits of guaranteed payments against the risk of vacancies in an area where financial strain is evident.

The takeaway for landlords is clear: understanding the local economic conditions is crucial for setting rental prices and deciding on tenant assistance programs. In ZIP 67638, where the median income is significantly below the FMR, focusing on attracting tenants who can pay the market rate or participating in voucher programs to fill units may be necessary strategies to maintain occupancy and profitability.

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.