Location: Knox County, KY | Metro: Knox County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The ZIP code 40921 presents a unique challenge for both renters and landlords due to the lack of detailed economic data. The median income for households is listed as N/A, which makes it difficult to assess the financial health and spending power of local residents. Similarly, the market rate for rent is also marked as N/A, leaving a significant gap in understanding how much residents can afford to pay for housing.
In contrast, the Federal Market Rent (FMR) standard for the metro area in fiscal year 2026 is set at $920. This figure serves as a benchmark for housing assistance programs such as Section 8 vouchers. However, without knowing the actual market rates, it's challenging to determine if this amount is sufficient or excessive for the local rental market.
The ZIP code has a total population of 147, with 0.0% of those being renters. This suggests that the majority of the population either owns their homes or the data collection methods have not accurately captured the rental habits of the area. Given the low number of renters, the competition among landlords is likely minimal, but so is the potential tenant pool.
The affordability gap in 40921 is unclear without concrete figures on median income and market rents. If the actual market rate is below $920, then Section 8 vouchers could be a viable option for landlords to consider, ensuring a steady stream of rental income. However, if the market rate exceeds this figure, landlords might find themselves at a disadvantage when accepting vouchers, as they would receive less than what the market demands.
Takeaway: For landlords in ZIP 40921, the decision to accept voucher tenants should be based on an assessment of the local market conditions. If the market rate is indeed lower than or equal to $920, then accepting vouchers could be a stable strategy. Otherwise, focusing on cash-paying tenants who can afford higher rents might be more profitable, given the limited competition and the small, possibly affluent population.
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.