Location: Rowan County, KY | Metro: Fleming County, KY
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,380 |
| 5 Bedrooms | $1,601 |
| 6 Bedrooms | $1,793 |
| 7 Bedrooms | $1,936 |
| 8 Bedrooms | $2,033 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $950 | $202,168 | 0.47% | F |
| 3BR | $1,180 | $213,131 | 0.55% | F |
U.S. Census Bureau data (2024)
ZIP 41049, located in Owingsville, KY within the Rowan County, KY metro area, presents a strategic opportunity for inclusion in a Section 8 portfolio. This ZIP code stands out as a cash-flow anchor. The primary rationale behind this classification is the significant spread between the Fair Market Rent (FMR) and the median home value.
The FMR for the Rowan County, KY metro area for fiscal year 2026 is set at $920. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit. In contrast, the median home value in ZIP 41049 is $206,483. Given the discrepancy between the FMR and the median home value, it is evident that properties in this ZIP code offer a stable, predictable source of cash flow when rented through the Section 8 program.
The stability of cash flow is further reinforced by the median income of $52,969. This suggests a moderate economic environment where the demand for affordable housing remains consistent. With an 11.9% renter share, there is a notable portion of the population seeking rental options, making ZIP 41049 a reliable location for generating steady rental income.
However, it is important to note that the lack of specific data on price-cut share and days on market (DOM) indicates limited information on the property appreciation potential. Therefore, while ZIP 41049 offers strong potential as a cash-flow anchor due to the favorable FMR-to-median-home-value ratio and moderate median income, it does not provide clear evidence of being an appreciation play. Its role as a diversifier is also less pronounced without detailed data on rental market dynamics and property values.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.