Location: Harlan County, KY | Metro: Harlan County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The ZIP code 40847, located in Kentucky, presents a unique challenge for both renters and landlords alike. Given the lack of specific data on median income and market rate rent, it's essential to focus on the available figures to understand the rental landscape.
Affordability is a critical concern in this area. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,090, which serves as a benchmark for voucher payments. However, without concrete data on local median incomes, it's challenging to assess whether households can comfortably cover this amount. This ambiguity suggests a potential mismatch between what is affordable and what is paid out through vouchers.
The demographic data reveals an extremely low rental population, with only 0.0% of the 41 residents being renters. This indicates a predominantly owner-occupied community, leaving little room for traditional rental competition. For landlords, this means that there is minimal competition from other rental properties, but also a limited pool of potential tenants who might be able to pay market rates or use vouchers.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: given the low number of renters and the uncertainty around local incomes, relying solely on voucher payments may be necessary. Vouchers provide a guaranteed source of income, albeit at a fixed rate of $1,090, which could be more stable than chasing after few potential cash-paying tenants who may struggle to meet market rents. Landlords should prepare for a niche market where flexibility and understanding of government housing assistance programs will be key to success.
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.