Location: Sherman 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 | $710 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $960 | $119,285 | 0.8% | C |
| 3BR | $1,150 | $193,114 | 0.6% | F |
| 4BR | $1,320 | $242,886 | 0.54% | F |
U.S. Census Bureau data (2024)
In Saint Francis, Kansas, specifically ZIP code 67756, there are several potential pitfalls for landlords considering Section 8 investments. The market rent stands at $646, significantly below the Fair Market Rent (FMR) of $890 for the metro area in fiscal year 2026. This discrepancy can lead to higher tenant turnover as voucher holders may struggle to find properties that accept their payment levels. With an average Days on Market (DOM) being unavailable, it's challenging to predict how quickly you might fill vacancies, increasing the risk of prolonged vacancy periods and associated financial losses.
The typical home value in the area is $182,462, while the median household income is $54,868. These figures suggest that landlords might face deferred maintenance issues as lower-income tenants may have limited resources for upkeep beyond basic necessities. Moreover, the financial pressure on tenants could exacerbate the likelihood of non-payment or damage to the property, necessitating additional funds for repairs and legal actions.
However, these risks must be weighed against the high renter share in the area, which is 18.1%. High renter density typically correlates with a greater demand for rental properties, including those accepting Section 8 vouchers. This increased demand can help mitigate some of the risks associated with tenant turnover and vacancy exposure by ensuring a steady pool of potential residents.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.