Location: Knox County, KY | Metro: Knox County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,180 |
| 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 40943 is situated in a small, tight-knit community with a total population of 1,117 residents. The area has a significant rental market, with 39.5% of its residents being renters. The median household income in this ZIP code is $67,143, indicating a modest but stable economic environment. The median home value stands at $160,906, reflecting an affordable housing market.
Moving into the specifics of the rental market, the Fair Market Rent (FMR) for ZIP 40943, as determined for the metro area fiscal year 2026, is set at $870. This figure contrasts with the actual market rent, which is recorded at $1,102 according to the Census ACS. This discrepancy suggests a potential opportunity for landlords who can manage properties effectively, as they could potentially attract tenants through the Section 8 program while still achieving rents closer to the market rate.
For a hands-off voucher operator, ZIP 40943 presents a mixed scenario. While the lower FMR provides a baseline for rental subsidies, the higher market rent indicates that there might be challenges in finding enough Section 8 tenants to fill all units without leaving some vacant. On the other hand, for a hands-on value-add buyer, the area offers a chance to improve property values and rents. By investing in property upgrades and management strategies, landlords could increase their occupancy rates and potentially command higher rents that align with the market conditions.
In summary, ZIP 40943 is a small community with a notable rental sector and a modest income level. The gap between the FMR and the market rent opens up opportunities for both hands-off and hands-on investors, depending on their willingness to engage actively in property management and enhancement.
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.