Location: Stevens County, KS | Metro: Morton County, KS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The market in ZIP code 67954 presents a dynamic environment for real estate investment, particularly for those interested in the rental sector. The Fair Market Rent (FMR) for the area, set at $1,100 for fiscal year 2026, reflects a standard benchmark for rental pricing established by HUD. This figure is notably higher than the actual market rent reported by the Census Bureau's American Community Survey (ACS), which stands at $613. This discrepancy suggests that the rental market in 67954 is currently below the fair market level, indicating potential for upward movement if rents adjust to meet the FMR.
The median home value in the area is $106,263, which is relatively low compared to national averages. This could be indicative of an overall affordable housing market, but it also implies that homeownership might be less prevalent due to economic factors or preferences. With a 19.9% renter share, we observe a significant portion of the population preferring or needing to rent rather than own property. This percentage is likely to exert long-term housing pressure on the area, as a substantial number of residents will continue to rely on the rental market for their housing needs.
The lack of data on price-cut share and days on market (DOM) makes it challenging to determine if supply is currently outpacing demand or vice versa. However, given the gap between the FMR and the actual market rent, it is reasonable to infer that there is room for growth in rental prices. If the rental market is currently below the FMR, landlords might have opportunities to increase rents over time without significantly impacting occupancy rates, assuming the local economy supports such adjustments.
The 19.9% renter share also points to a segment of the population that may be sensitive to economic changes. In areas with a high proportion of renters, fluctuations in the broader economy can lead to shifts in housing demand. If economic conditions improve, some renters might seek to become homeowners, potentially reducing the renter share. Conversely, if economic conditions worsen, the number of renters might increase, putting further pressure on the rental market.
In summary, ZIP 67954 is characterized by a rental market that is currently undervalued relative to the FMR, suggesting potential for future growth. The significant renter share indicates ongoing housing pressure and a need for continued availability of rental units. Landlords and small-portfolio investors should consider these dynamics when making investment decisions in this area.
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.