Location: Cheyenne County, KS | Metro: Cheyenne 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 | $780 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,260 | $178,914 | 0.7% | D |
U.S. Census Bureau data (2024)
The analysis of ZIP code 67731 reveals a market that balances between yield and stability, offering opportunities for both high-yield and steady-cashflow investments. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 stands at $910, while the market rent is $695. This indicates a potential rental yield gap where properties can be rented above the average market rate, fetching an additional $215 per month. Given the median home value of $172,855, landlords can expect a reasonable return on investment.
On the stability axis, the ZIP code shows a 32.6% rate of renters, which suggests a moderate demand for rental housing. However, the lack of data on the number of days on market (DOM) implies uncertainty about how quickly units can be filled or turned over, which is critical for assessing cash flow consistency. The median household income of $56,333 provides insight into the economic health of the area, supporting the ability of tenants to pay rent.
To classify the market, consider the following figures: the FMR of $910 versus the market rent of $695 presents a high-yield opportunity, especially if landlords can leverage the higher FMR rates. However, the absence of DOM data and the moderate rental demand indicate a lower level of stability compared to areas with more consistent rental turnover. Therefore, ZIP 67731 leans towards a high-yield but moderately stable market, suitable for those who can manage some volatility in their cash flows.
Investors looking to maximize returns should focus on properties that can command rents closer to the FMR, while those prioritizing stability might seek out tenants with higher incomes relative to the median, ensuring more consistent rental payments.
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.