Location: Owen County, KY | Metro: Owen County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $690 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,240 |
| 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 ZIP code 40359 in Owen County, Kentucky, stands out due to its relatively low number of renters compared to the national average. With a total population of 6,989, only 12.7% of residents are renters, indicating a strong preference for homeownership in the area. The median household income is $62,542, which is modest but reflective of the local economy. Median home values in the area are notably higher at $190,289, suggesting that while homeownership is favored, it comes with a significant investment.
Moving into the specifics of Section 8 housing economics, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $870, whereas the current market rent, according to the Census ACS, is $745. This discrepancy between the FMR and market rates presents an opportunity for landlords who can leverage the higher FMR to secure rental incomes above the local market rate. For small-portfolio investors, this could be particularly attractive as it offers a chance to mitigate risks associated with lower market rents.
The data signature for ZIP 40359 reads as stable. The low percentage of renters suggests a community where long-term homeownership is common, which typically correlates with a stable property market. Additionally, the median income and home values indicate a steady economic condition without signs of rapid change or volatility. Landlords and investors should take note of these factors when considering investments in this area, as they point towards a reliable and predictable market environment.
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.