Location: Elliott County, KY | Metro: Carter County, KY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,120 |
| 4 Bedrooms | $1,280 |
| 5 Bedrooms | $1,485 |
| 6 Bedrooms | $1,663 |
| 7 Bedrooms | $1,796 |
| 8 Bedrooms | $1,886 |
U.S. Census Bureau data (2024)
14.1% of the population in ZIP 41180 are renters, indicating a moderate demand for rental properties. The Fair Market Rent (FMR) for the area, as set by HUD for zip FY 2024, is $850, which serves as a benchmark for landlords to price their units competitively. Comparatively, the average market rent based on Census ACS data stands at $531, suggesting that landlords could potentially increase their rental rates without losing tenants to the broader market. However, it's important to note that the median income in the area is $41,538, which limits the amount that most residents can afford to pay in rent. Therefore, pricing above the FMR might deter potential tenants who rely on subsidies or have limited disposable income.
The median home value in ZIP 41180 is $169,444, reflecting an affordable housing market for both buyers and investors. While the specific days on market (DOM) and percentage of price-cut shares are not available, these figures would typically provide insights into the local housing market's liquidity and the competitiveness of property listings. In their absence, investors should consider other factors such as the vacancy rate and local economic conditions to gauge the market's health.
Given the data, the Section 8 program remains a viable option for landlords in ZIP 41180, as it helps bridge the gap between the lower median income and higher FMR. Landlords can expect steady rental income with minimal vacancies by participating in the program, which sets maximum allowable rents at the $850 FMR level. This ensures that landlords receive fair compensation while tenants can afford to live in the area. For small-portfolio investors, the combination of a moderate renter share and affordable median home values makes ZIP 41180 a promising investment location, especially with the support of Section 8.
Verdict: ZIP 41180 is a suitable location for Section 8 participation, offering stable returns and manageable risk for landlords and small-portfolio investors.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.