Location: Rockcastle County, KY | Metro: Estill 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 | $650 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,200 |
| 5 Bedrooms | $1,392 |
| 6 Bedrooms | $1,559 |
| 7 Bedrooms | $1,684 |
| 8 Bedrooms | $1,768 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,190 | $198,131 | 0.6% | D |
U.S. Census Bureau data (2024)
The ZIP code 40447 has a population of 8,014 residents, with 27.0% being renters. This indicates that there is a significant rental market in this area, suggesting a robust demand for housing vouchers. The median household income stands at $34,693, which is crucial when evaluating the affordability of rents.
The market rent in this area is $683 per month, which represents approximately 20% of the median household income. This calculation shows that typical rent consumes a substantial portion of local incomes, making affordable housing solutions like Section 8 vouchers highly desirable for many tenants.
Comparing the market rent to the Fair Market Rent (FMR) set at $870 for fiscal year 2026, it becomes evident that the actual market rent is below the FMR. This discrepancy suggests that landlords in ZIP 40447 could potentially benefit from participating in the Section 8 program, as the voucher amount can cover a larger share of the market rent than in areas where rents are closer to the FMR.
Given these conditions, landlords in ZIP 40447 should anticipate a tenant pool that heavily relies on financial assistance for housing. Tenants will likely be individuals and families who are part of low-income brackets, seeking stable and affordable living situations. Participation in the Section 8 program would align well with the economic realities of the area, ensuring steady occupancy and a reliable source of rental income.
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.