Location: Martin County, KY | Metro: Lawrence County, KY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,160 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
The ZIP code 41230 has a population of 12,638 residents, with 23.8% identified as renters. The median household income stands at $45,239. This demographic context suggests that while the area has a notable share of renters, it is not overwhelmingly dominated by them. However, the presence of these renters implies a potential demand for Section 8 housing vouchers.
The typical market rent in this ZIP code is $762 per month. To put this into perspective, the average rent consumes approximately 17% of the median household income, calculated as ($762 / $45,239) * 100%. This figure indicates that rental costs are relatively affordable compared to the local income levels, which could be beneficial for landlords looking to attract tenants who qualify for housing assistance.
Comparing the market rent to the Fair Market Rent (FMR) set at $930 for fiscal year 2026, we see that the actual rent is below the FMR threshold. This discrepancy suggests that landlords in ZIP 41230 might find it easier to participate in the Section 8 program, as their rents align well with the subsidy limits. The lower-than-FMR rent also points towards a potentially higher volume of voucher holders seeking accommodation, given the affordability of the market.
A landlord in ZIP 41230 can expect a tenant profile that includes individuals and families who rely on housing vouchers to meet their living expenses. These tenants will likely have an annual income of up to 50% of the area median income, which in this case would be around $22,620. Given the relatively low market rent and the proportion of renters, there is a good chance that voucher holders will form a significant portion of the tenant pool, making the ZIP code attractive for those willing to accept Section 8 vouchers.
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.