Location: Phillips County, KS | Metro: Norton County, KS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
The analysis for ZIP 67664 in Prairie View, Kansas, reveals a significant gap between the Fair Market Rent (FMR) and the market rent. The FMR for metro FY 2026 is set at $880, while the average market rent is $792 per month. This represents a gap of $88 in favor of the FMR, which is approximately 11.1% higher than the market rent.
In this context, where FMR exceeds market rent, voucher tenants can make a property a yield play. Landlords and small-portfolio investors might find that accepting Section 8 vouchers ensures a steady stream of income at a rate higher than the open-market rent. However, it also means that the cost of housing voucher tenants below open-market rates could lead to reduced profit margins due to the lower actual rental income received.
The ZIP 67664 has a median home value of $147,256 and a median income of $97,083. With only 15.4% of residents being renters, the market leans towards homeownership. The elevated vacancy rate of 11.2% and the recent 1-year downturn in home values by 7.7% suggest that the market has some instability. These factors increase the risk for new investors who might struggle with vacancy, delinquency, and maintenance costs.
Given these specifics, Prairie View's 67664 ZIP is best suited for experienced investors who can manage the risks associated with a below-median market. The honest cap rate in 67664 is below the stated 4.6%, indicating that the true rental yield potential is lower once realistic expenses are considered.
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.