Location: Meade County, KY | Metro: Elizabethtown, KY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
U.S. Census Bureau data (2024)
The ZIP code 40121 stands out due to its unique characteristics: it has a population of 8,836 residents, all of whom are renters, making it a purely rental market area. The median income in this ZIP is $82,663, which is relatively high compared to other areas with similar housing dynamics. However, the median home value is listed as N/A, indicating that this area might be predominantly composed of rental properties without significant owner-occupied housing.
Moving into the voucher economics, the Fair Market Rent (FMR) for ZIP 40121 in fiscal year 2024 is set at $1,100. This figure contrasts sharply with the Census ACS-reported market rent of $1,502, suggesting a substantial gap between the federally subsidized rent levels and the actual market rates. Landlords and small-portfolio investors should note that accepting Section 8 vouchers could mean a lower rental income than the market average, but it also ensures a steady stream of rent payments backed by the government.
The data signature for ZIP 40121 reads as stable. Despite the high median income, the fact that 100% of the residents are renters indicates a consistent demand for rental housing. This stability is further reinforced by the presence of a significant number of residents who rely on Section 8 vouchers to afford their living spaces. For investors, this means a reliable tenant pool and a predictable rental market, albeit at potentially lower rates than the free market would offer.
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.