Location: Russell County, KS | Metro: Ellis County, KS
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,200 | $176,442 | 0.68% | D |
U.S. Census Bureau data (2024)
The ZIP code 67640 stands out due to its unique demographic and economic characteristics. With a population of only 601 residents, it has a rental rate of 27.3%, indicating that nearly one-third of the housing units are rented. The median income here is $73,750, which is relatively modest compared to the median home value of $142,852. This suggests that homeownership is significantly more expensive than the average income can support, potentially creating a challenging environment for those seeking to buy a home.
Turning to the specifics of Section 8 vouchers, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $920. However, the current market rent, according to the Census ACS, is $779. This means that landlords accepting Section 8 vouchers in ZIP 67640 can expect to receive a higher rent payment than the current market rate, providing a financial incentive to participate in the program. The gap between the FMR and the actual market rent also indicates that there might be a significant portion of the population eligible for these vouchers, as they are likely to find the market rent too high based on their income levels.
Given the data, ZIP 67640 appears to be in a transitional phase. The disparity between median income and median home value points towards an evolving housing market where affordability remains a concern. While the rental market is currently stable, with the FMR exceeding the market rent, it signals potential growth in demand for rental properties among low-income families seeking assistance through Section 8. Landlords and small-portfolio investors should consider the long-term benefits of participating in the voucher program, especially if they aim to serve a growing segment of the local population.
Investing in properties that can accommodate Section 8 tenants could prove advantageous, as it aligns with the federal government's commitment to provide affordable housing solutions. The economic dynamics suggest that while the ZIP code may not be booming, it offers a niche opportunity for those willing to engage with the Section 8 program, ensuring steady cash flow and a positive impact on the community.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.