Location: Owen County, KY | Metro: Grant County, KY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The ZIP code 41052 presents an interesting scenario for both renters and landlords. The median household income here is $70,842, which provides a solid financial foundation for residents. However, the market rate for rent is listed as N/A, indicating a lack of comprehensive data on the average rental costs in this area. This absence of information makes it challenging to assess whether a typical household can comfortably afford the local rent.
In contrast, the Federal Market Rent (FMR) standard for voucher payments in ZIP 41052 for fiscal year 2024 is set at $1050. This figure represents the maximum amount that the Housing Choice Voucher program will pay towards rent for eligible households. It serves as a benchmark for what low-income families can expect to contribute toward their housing costs.
The ZIP code has a relatively low percentage of renters at 11.8%, suggesting that homeownership is more prevalent. With a total population of 311, the number of potential tenants is limited, which could increase competition among landlords for the available rental market. The affordability gap between the median income and the FMR highlights a challenge for landlords who must balance their rental rates with the ability of voucher holders to cover the difference between the FMR and the actual rent.
Landlords considering their strategy should be aware that while the FMR of $1050 might not fully cover their desired rental income, it does provide a stable source of income through government subsidies. For those aiming to attract cash-paying tenants, they must ensure that their rents are competitive and affordable given the median income of $70,842. The limited rental market suggests that landlords should focus on providing high-quality properties that meet the needs of both voucher holders and cash-paying tenants to maximize occupancy and profitability.
The takeaway for landlords is that understanding the local rental dynamics and the financial capabilities of potential tenants is crucial. They should weigh the benefits of accepting vouchers—such as guaranteed monthly payments against the risk of lower overall rent—and consider tailoring their offerings to appeal to the broader range of renters within the ZIP code, including those who might be able to pay above the FMR but still below the actual market rate.
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.