Location: Menifee County, KY | Metro: Bath County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,300 |
| 5 Bedrooms | $1,508 |
| 6 Bedrooms | $1,689 |
| 7 Bedrooms | $1,824 |
| 8 Bedrooms | $1,915 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 40322 in the metro area for fiscal year 2026 is set at $870. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for Section 8 housing vouchers. It's important to note that this is not the amount you would charge as rent; rather, it's the maximum amount HUD will pay on behalf of eligible tenants. The actual rent you can charge could be higher, but it must still be reasonable compared to the market rates.
In contrast, the average rent for the same area, based on Census ACS data, is $674. This difference suggests that Section 8 participants might have access to slightly more expensive units, which could be beneficial if you're looking to invest in properties that are above average in quality or location.
The renter share in ZIP 40322 is 26.7%, indicating a moderate level of demand for rental properties. This percentage reflects the proportion of households that rent their homes, which is a key factor in understanding the potential tenant pool for your investment.
When considering the acquisition cost of a property, the median household income of $121,369 provides insight into the economic status of the residents. This high median income suggests that there may be a mix of Section 8 tenants and other renters who can afford higher rents, potentially increasing the value of your investment over time.
Before proceeding with a Section 8 rental, ensure that the property meets all the required safety and habitability standards. HUD conducts regular inspections to ensure that the units are up to code, and failing these inspections can lead to penalties or termination of the contract. Therefore, verifying that your property complies with these regulations is crucial before you finalize any plans.
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.