Location: Nelson County, KY | Metro: Elizabethtown, KY HUD Metro FMR Area
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 | $760 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $960 | $175,444 | 0.55% | F |
| 3BR | $1,330 | $266,998 | 0.5% | F |
| 4BR | $1,600 | $310,111 | 0.52% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 40051 in New Haven, KY, for fiscal year 2024 is set at $870. This figure represents the maximum amount that a landlord can receive through the Section 8 program for a given unit. It's important to note that this is not the rent you will charge your tenants; it's the reimbursement standard from the government.
In comparison, the average rent for the area, according to the Census Bureau's American Community Survey, is $821. This suggests that the FMR is slightly higher than the typical market rate, which could be advantageous if you're looking to cover maintenance costs or other expenses without increasing your tenant's portion of the rent.
The rental share in the area is 14.2%, meaning that nearly one in every seven households relies on rental housing. This indicates a steady demand for rental properties, particularly those that offer affordable options through programs like Section 8. The demand for affordable housing supports the likelihood of consistent occupancy and income.
If you're considering purchasing a property in this area for your first Section 8 rental, the median home value is around $236,021. This gives you an idea of the acquisition cost for a property that could potentially qualify for the program. However, it's crucial to verify that the property meets all the necessary criteria for Section 8 participation, including but not limited to, compliance with Housing Quality Standards (HQS).
Before making your investment decision, ensure that the property you plan to acquire is in good condition and can pass the HQS inspection. This verification step is critical because failing to meet these standards can result in non-participation or penalties, affecting your ability to receive the full reimbursement under the program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.