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 |
U.S. Census Bureau data (2024)
The ZIP code 40868 presents an interesting scenario for both renters and landlords. The median income for households in this area stands at $41,932. Considering this figure, it becomes evident that affording the market rate rental price, which is currently unavailable, would be challenging for many residents.
However, the situation is somewhat mitigated by the Section 8 voucher program. For fiscal year 2026, the Fair Market Rent (FMR) for this metro area is set at $870. This means that families who qualify for assistance can find housing options within their budget, even if the exact market rate remains unspecified. It is crucial for landlords to understand that the voucher amount covers a significant portion of the typical rental cost, making it feasible for tenants to secure housing.
With only 4.0% of the population being renters and a total population of 1,417, the competition among landlords in this ZIP code is relatively low. However, this also implies that there is a limited pool of potential tenants, which could affect occupancy rates and the overall demand for rental properties. The affordability gap, therefore, is a critical factor for landlords when setting their rental prices. Pricing too high could deter voucher holders and those on a tight budget, while pricing closer to the FMR could attract a broader range of tenants.
The takeaway for landlords considering voucher versus cash-pay strategies is clear. Given the median income and the limited number of renters, accepting vouchers at the FMR of $870 can be a practical approach to ensure steady occupancy. This strategy not only helps in filling vacancies but also aligns with the financial capabilities of the majority of the local population. Landlords should weigh the benefits of guaranteed payments through the voucher program against the potential risks and administrative burdens associated with it.
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.