Location: Rowan County, KY | Metro: Rowan County, KY
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 | $830 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,150 | $146,866 | 0.78% | D |
| 3BR | $1,470 | $180,154 | 0.82% | C |
U.S. Census Bureau data (2024)
The ZIP code 40313, located in Clearfield, KY, has a population of 2,832 residents. With 45.7% of the population being renters, it indicates a significant portion of the community relies on rental housing. This percentage suggests that there is a moderate demand for rental properties, but it is not overwhelmingly dominated by renters. The median household income stands at $65,409, which provides a benchmark for assessing affordability.
The typical market rent of $992 per month represents approximately 15.2% of the median household income. This calculation is derived from dividing the monthly rent by the annual median income and multiplying by 12. For context, the Fair Market Rent (FMR) for the metro area is set at $1,020, slightly above the current market rate. This implies that the rental market in Clearfield is somewhat below the average for the region, potentially making it more accessible to lower-income households.
A landlord in this ZIP code should anticipate a tenant pool that is likely to include a mix of individuals and families who rely on rental assistance programs such as Section 8 vouchers. Given the median income and the proportion of renters, tenants will generally have a need for subsidized housing options. It is important to note that the demand for vouchers can be high due to the significant number of renters and the relatively low median income compared to the FMR.
To put this into perspective, let's consider the voucher demand. In a ZIP code with a 45.7% rental rate, the likelihood of encountering tenants seeking voucher assistance is substantial. Landlords should prepare for applications from tenants whose incomes align closely with the eligibility criteria for housing vouchers, typically those earning less than 50% of the Area Median Income (AMI).
In summary, ZIP 40313 presents a moderate environment for Section 8 tenants, with a sizable portion of the population renting and a median income that supports a reasonable level of demand for rental assistance. Landlords can expect a tenant base that values affordable housing and may require the use of vouchers to meet their living expenses.
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.