Location: Knox County, KY | Metro: Knox County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
The ZIP code 40995 represents a market with limited Section 8 tenant potential. With a population of 120 and only 14.8% of residents being renters, this area is predominantly homeowner-dominated, which means that the demand for rental properties using housing vouchers is likely to be low.
The median household income in ZIP 40995 is $36,188. While specific market rent data for this ZIP code is not available, we can infer the affordability of renting based on the Fair Market Rent (FMR) for the metro area, which is set at $890 for fiscal year 2026. Assuming typical rents align closely with the FMR, a landlord would see that the average rent consumes approximately 24.6% of the median household income. This calculation is derived from the assumption that the typical rent is close to the FMR figure, making it a significant portion of income for most households.
In comparison to the FMR, landlords in ZIP 40995 might find themselves in a niche market where they could offer slightly lower rents to attract tenants who rely heavily on housing vouchers. However, due to the small number of renters in this ZIP code, the competition for voucher holders is expected to be minimal, leading to fewer opportunities for landlords to fill vacancies with Section 8 tenants.
A landlord in ZIP 40995 should anticipate a tenant pool that consists mainly of individuals or families who are likely to have modest incomes. These tenants will seek affordable housing options and may require assistance through housing vouchers. Given the scarcity of voucher users in such a homeowner-dominated area, landlords should also be prepared to consider non-voucher renting scenarios, focusing on attracting tenants who can afford market rates without financial aid.
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.