Location: Rowan County, KY | Metro: Carter County, KY HUD Metro FMR Area
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 | $730 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,250 |
| 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 | $910 | $107,163 | 0.85% | C |
| 3BR | $1,250 | $155,300 | 0.8% | C |
| 4BR | $1,380 | $203,277 | 0.68% | D |
U.S. Census Bureau data (2024)
The rent math for ZIP 41164, located in Olive Hill, KY, within the Rowan County metro area, does not favor landlords. The Fair Market Rent (FMR) set at $860 for fiscal year 2024 contrasts sharply with the average market rent of $521 based on Census ACS data. This discrepancy suggests that tenants are unlikely to pay the higher FMR, leading to potential losses for landlords who aim to align their rents with the HUD guidelines.
Acquisition of properties in this ZIP code is relatively affordable. With a median home value of $146,406, the cost barrier for entry is low compared to many other areas. However, the lack of data on days on market (DOM) and the fact that only 0.2% of homes experienced price cuts indicate a stable but not highly dynamic market. This stability can be seen as both an advantage and a disadvantage, depending on the landlord's investment strategy.
Tenant demand in ZIP 41164 is modest given the total population of 12,574 and a renter share of 14.1%. This means that approximately 1,772 residents are likely to be seeking rental housing. While this number might be sufficient for smaller-scale investors, it limits the potential for larger portfolios due to the constrained market size.
Verdict: ZIP 41164 offers an affordable entry point for acquiring properties, but the mismatch between market rents and HUD's FMR presents a challenge. Landlords must carefully consider their pricing strategy to avoid financial losses. Additionally, the limited tenant demand restricts opportunities for significant portfolio growth. For small-portfolio investors, this ZIP code could be viable if they focus on maintaining competitive rents and targeting the local market effectively.
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.