Location: Marion County, KY | Metro: Marion County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,140 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
U.S. Census Bureau data (2024)
The dynamics of ZIP code 40062 reveal a market in motion, characterized by specific trends that indicate a snapshot of housing pressures and rental conditions. With a Fair Market Rent (FMR) set at $870 for the fiscal year 2026, it's clear that the rental segment is facing significant constraints, particularly given the lack of available market rent data. This suggests that the rental market might be underdeveloped or overshadowed by the strong presence of homeownership.
The median home value in ZIP 40062 stands at $243,969. This figure is indicative of a stable housing market where property values have been established and are likely to remain steady, barring any significant economic shifts. The absence of a percentage indicating the share of homes sold at a price cut and the lack of data on days on market (DOM) suggest that transactions are occurring without substantial discounts or delays, pointing towards a balanced market where neither supply nor demand overwhelmingly dominates.
A critical aspect of the housing dynamics in 40062 is the 0.0% renter share. This statistic is particularly telling as it highlights an almost exclusive homeownership environment. In such a market, the long-term housing pressure is minimal since the majority of residents own their homes. This ownership trend can imply several things: first, there is less immediate pressure for new rental units to be built, which could mean that investment in rental properties would require careful consideration. Second, the stability in homeownership could signal a preference for long-term residency, reducing turnover rates and potentially affecting the local real estate market's liquidity.
In summary, ZIP 40062 presents a market where homeownership is the dominant form of housing, with rental dynamics being relatively opaque. The established median home value and the set FMR provide a glimpse into the financial realities of the area, suggesting a stable but possibly stagnant rental market. Landlords and small-portfolio investors should focus on understanding the nuances of homeownership preferences and the potential for long-term stability in property values when considering investments in this ZIP code.
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.