Location: Nicholas County, KY | Metro: Lexington-Fayette, KY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
U.S. Census Bureau data (2024)
The ZIP code 40348, located within Nicholas County, KY, presents a unique profile when compared against typical ZIP codes in the same county. With a Fair Market Rent (FMR) of $930 for fiscal year 2024, it stands higher than the average market rent of $641, indicating that it is priced above the general rental market in the area. This suggests that 40348 might be considered a slightly premium sub-market within the Nicholas County metro.
The median home value in ZIP 40348 is $147,425, which is relatively low compared to what might be expected in a premium sub-market. However, this figure is reflective of the overall housing market conditions in Nicholas County, where property values are generally modest. The lower home value combined with a higher FMR could indicate a niche market within the ZIP code, possibly driven by demand factors such as proximity to amenities or employment centers, making it attractive for renters despite the lower property values.
A significant point of interest is the 60.9% renter share in ZIP 40348. This percentage is notably higher than the typical renter share in the county, which implies a strong preference for renting over owning within this ZIP code. High renter shares often correlate with areas where rental subsidies, such as those provided through Section 8, are utilized more frequently. Given the disparity between the FMR and the market rent, along with the elevated renter share, it can be inferred that 40348 has characteristics that make it an appealing location for tenants receiving rental assistance.
In summary, ZIP 40348 appears to be a mid-tier neighborhood within the Nicholas County, KY metro. It offers a slightly premium rental market with higher rents compared to the county average, yet maintains a modest home value. The high renter share, coupled with the FMR being significantly above the market rent, suggests that this ZIP code is well-positioned for landlords and investors interested in leveraging Section 8 rental subsidies. These conditions create a scenario where 40348 could serve as a valuable investment opportunity for those targeting a rental market with substantial tenant support.
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.