Location: Harlan County, KY | Metro: Harlan County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,190 |
| 5 Bedrooms | $1,380 |
| 6 Bedrooms | $1,546 |
| 7 Bedrooms | $1,670 |
| 8 Bedrooms | $1,754 |
U.S. Census Bureau data (2024)
The ZIP code 40870 stands out due to its unique demographic and economic characteristics. With only 564 residents, it has an extremely low rental rate of 0.9%, indicating that the majority of the population owns their homes. The median income for residents is $51,452, which is relatively modest compared to the median home value of $85,761. This suggests that homeownership is a significant factor in the local economy.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $870. However, there is no available market rent data for ZIP 40870, which could be due to the limited number of renters or a lack of recent rental listings. This absence of market rent data makes it challenging to compare the FMR with actual rental prices, but it does highlight the importance of understanding the local housing market dynamics when considering Section 8 participation.
The data signature for ZIP 40870 reads as "stable." The low rental rate and high median home value suggest a community where long-term homeownership is the norm. Given the modest median income, it's likely that many residents have been in their homes for years, possibly even decades, and have benefited from the appreciation in home values without being significantly impacted by changes in the broader housing market. For landlords and small-portfolio investors, this stability can provide a predictable environment for managing properties and planning investments.
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.