Location: Owsley County, KY | Metro: Clay County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,290 |
| 5 Bedrooms | $1,496 |
| 6 Bedrooms | $1,676 |
| 7 Bedrooms | $1,810 |
| 8 Bedrooms | $1,901 |
U.S. Census Bureau data (2024)
The ZIP code 40983 is located in a rural area of Kentucky, characterized by a small community with a total population of 241 residents. This neighborhood has a significant portion of its population renting—43.0% of the households are renters. The median household income here is notably low at $16,801, which suggests a predominantly economically disadvantaged community. Given the lack of data on median home values, it's clear that detailed property valuations are sparse, making it challenging to assess the overall real estate market health without additional research.
Moving into the economic specifics of rental housing, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $880. However, the absence of reported market rent figures for ZIP 40983 indicates a potential gap in the local data collection or a very niche market that doesn't readily conform to typical reporting standards. This discrepancy between the known FMR and the unreported market rents could imply that the actual rental prices in 40983 are either below or above the FMR, depending on the local supply and demand dynamics.
Considering these factors, ZIP 40983 might be better suited for a hands-off voucher operator rather than a hands-on value-add buyer. The high percentage of renters and the low median income suggest a stable demand for affordable housing supported by government programs such as Section 8. For those looking to actively manage properties and improve their value, the limited data and the rural setting could pose challenges in identifying opportunities for significant value addition. On the other hand, a hands-off approach leveraging the Section 8 program can provide a reliable, if modest, return on investment without requiring extensive property management resources.
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.