Location: Leslie County, KY | Metro: Leslie County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,270 |
| 5 Bedrooms | $1,473 |
| 6 Bedrooms | $1,650 |
| 7 Bedrooms | $1,782 |
| 8 Bedrooms | $1,871 |
A skeptical investor might raise several concerns regarding ZIP 40816, particularly related to the financial viability of investing in the area. Here are some common objections and the relevant data to address them.
Will FMR $870 (metro FY 2026) cover the mortgage on a home? The median home value in ZIP 40816 is $85,000, which is significantly lower than the average home value of $155,417. Assuming a median home value and typical mortgage terms (30-year fixed rate, 20% down payment), the monthly mortgage payment would likely be well under $870. However, the specific mortgage rate is not provided in the available data. Given the lower home values, it is reasonable to conclude that the FMR could cover the mortgage on a median-priced home in this area.
Is there enough renter demand at 18.7%? The data indicates that 18.7% of housing units are renter-occupied. This suggests a moderate level of demand for rental properties. However, the growth rate data shows a negative trend in both total population and family households, which could impact future demand. Landlords should consider these trends when assessing the long-term potential of the rental market in ZIP 40816.
Will vouchers keep pace with market rents? The Fair Market Rent (FMR) for ZIP 40816 is set at $870 for FY 2026. While this figure is designed to reflect the market conditions, the data does not provide specific information on the adequacy of vouchers. The Housing Affordability Index is listed as 0, which typically indicates a very affordable market. In such a case, it is more likely that vouchers will keep pace with market rents, but this depends on the specific management practices and policies of the local housing authority.
Note that the data provided does not fully answer all questions, especially concerning the precise mortgage rates and the detailed performance of vouchers. Investors should conduct further research or consult with local real estate professionals for a comprehensive understanding of the market dynamics in ZIP 40816.
Data Sources: FMR data from HUD (2027).
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.