Location: Carter County, KY | Metro: Carter County, KY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
The ZIP code 41146 presents an interesting scenario for both renters and landlords. With a median income of $52,653, households in this area face significant challenges in affording the market rate rent, which is currently unavailable but can be inferred to be higher than the Fair Market Rent (FMR) set at $860 for the fiscal year 2024.
To understand the affordability gap, consider that the median income figure suggests a household might struggle to meet even the FMR without substantial financial strain. The FMR represents the maximum amount that a household should pay for housing, typically no more than 30% of their income. At $860, this implies a household should not earn less than approximately $28,667 annually to afford this rent without financial hardship.
Given that 33.3% of the 517 residents are renters, there is a notable portion of the population seeking rental housing. This means that competition among landlords for tenants who can afford market rates is likely high. However, the reliance on voucher payments, which match the FMR, indicates that a significant number of renters may depend on government assistance to cover their housing costs.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: while cash-paying tenants might offer more immediate financial flexibility, the dependence on voucher payments in this area underscores the importance of accepting them. Vouchers ensure a steady stream of income, albeit at the FMR rate of $860, which aligns well with the economic realities faced by many households in ZIP 41146. Landlords who are willing to accept vouchers will likely have a competitive edge in attracting tenants in this ZIP code.
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.