Location: Harlan County, KY | Metro: Bell County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
U.S. Census Bureau data (2024)
The ZIP code 40988 has a population of 519 residents, with only 1.7% identifying as renters. This indicates that the area is primarily homeowner-dominated rather than a renter-heavy zone. Given the low percentage of renters, it is likely that the demand for Section 8 housing vouchers will be relatively scarce.
The median household income in this ZIP code is $38,125. Without specific market rent data, we can infer that typical rents would consume a significant portion of the local income. For context, the Fair Market Rent (FMR) for the metro area, as of fiscal year 2026, is set at $870. This figure represents the average rent paid by tenants in similar areas and is used to determine the value of Section 8 vouchers.
To illustrate the impact on potential tenants, let's assume the typical rent aligns closely with the FMR. At $870 per month, this would constitute approximately 23% of the median household income annually. This high percentage suggests that landlords in this ZIP code should expect tenants who are financially constrained and heavily reliant on government assistance to afford housing.
The scarcity of rental properties and the reliance on vouchers mean that landlords will need to be prepared for a tenant pool that includes individuals and families with incomes below the poverty line, who qualify for federal housing subsidies. These tenants often require additional support and management due to their financial circumstances and the stipulations of the Section 8 program.
In summary, ZIP 40988 is not an ideal location for landlords seeking a large pool of Section 8 tenants. The area is predominantly owned by homeowners, and the demand for rental properties is low. Landlords should anticipate tenants whose monthly rent constitutes a substantial portion of their income, necessitating careful management practices to ensure compliance with the program requirements and maintain property standards.
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.