Location: Nicholas County, KY | Metro: Nicholas County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,270 |
| 5 Bedrooms | $1,473 |
| 6 Bedrooms | $1,650 |
| 7 Bedrooms | $1,782 |
| 8 Bedrooms | $1,871 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 40350 in the metro area for fiscal year 2026 is set at $880. This figure represents the payment standard for Section 8 housing vouchers, meaning that the government will pay up to $880 per month for a rental unit in this area. It's important to note that this is not the rent you can charge; it's the maximum amount the voucher will cover.
While there is no specific local market rent data available for ZIP 40350, we can use the FMR to gauge the potential demand for rental properties. With a 62.5% share of renters relying on subsidies, the demand for affordable housing is strong. If you're considering a Section 8 rental in this area, expect that a significant portion of your tenants will be using vouchers to help cover their rent.
To put the $880 payment standard into perspective, let's look at the acquisition cost of a property in ZIP 40350. The median home value is $241,092. If you plan to purchase a property to convert into a rental, this figure gives you an idea of the investment required. When calculating your return on investment, remember that the government will only pay up to $880 towards the rent, so any amount above this must be covered by the tenant.
Before you decide to enter the Section 8 rental market in ZIP 40350, verify that your property meets all the necessary requirements. This includes ensuring the unit is up to code and passes inspection standards set by the Housing Authority. These standards are designed to ensure the property is safe, decent, and sanitary, which is non-negotiable for Section 8 participation.
In summary, the FMR of $880 in ZIP 40350 indicates a robust demand for subsidized housing, driven by the high percentage of renters who rely on assistance. Given the median home value of $241,092, you can estimate the costs involved in acquiring a property. However, the key to success in this market is compliance with Housing Authority standards. Ensure your property meets these criteria to avoid delays and complications once you've decided to participate.
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.