Location: Harlan County, KY | Metro: Harlan County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,260 |
| 5 Bedrooms | $1,462 |
| 6 Bedrooms | $1,637 |
| 7 Bedrooms | $1,768 |
| 8 Bedrooms | $1,856 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 40843 in fiscal year 2026 is set at $900. This figure represents the payment standard for Section 8 housing vouchers in the area, meaning it's the maximum amount that the government will pay toward rent for a unit deemed suitable under the program. It's important to note that this is not the rent you would charge your tenant; rather, it's the benchmark used to determine the subsidy amount.
While the local median rent for ZIP 40843 is listed as N/A, we can still assess the market based on the fact that 27.8% of residents in the area are renters. This suggests a moderate level of demand for rental properties, indicating that there are enough potential tenants who might be interested in your property. The high percentage of renters also implies a competitive market where landlords need to offer attractive units to secure tenants.
Regarding acquisition costs, the data indicates an N/A value, which typically means there isn't sufficient information available to provide a precise average cost of acquiring rental properties in this area. However, the FMR of $900 can serve as a guideline for setting your rent at a competitive level that aligns with the financial capabilities of potential tenants participating in the Section 8 program.
To make an informed decision about whether to accept a Section 8 tenant, you must verify that your property meets all the necessary requirements for the program. This includes ensuring that the rent you charge does not exceed the FMR and that your property passes a Housing Quality Standards (HQS) inspection. These steps are crucial because they ensure compliance with federal guidelines and help prevent any legal issues that could arise from renting to a Section 8 participant.
In summary, the FMR of $900 for ZIP 40843 provides a clear payment standard for Section 8 vouchers. With a significant portion of the population renting, there is a reasonable demand for rental properties, though specific local median rents are not available. Before proceeding, confirm that your property complies with HQS and that the rent you charge is appropriate for the market and within the Section 8 guidelines.
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.