Location: Owsley County, KY | Metro: Breathitt County, KY
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 | $660 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,130 |
| 4 Bedrooms | $1,290 |
| 5 Bedrooms | $1,496 |
| 6 Bedrooms | $1,676 |
| 7 Bedrooms | $1,810 |
| 8 Bedrooms | $1,901 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $920 | $97,222 | 0.95% | C |
| 3BR | $1,130 | $129,265 | 0.87% | C |
| 4BR | $1,290 | $153,040 | 0.84% | C |
U.S. Census Bureau data (2024)
26.4% of Booneville, KY's residents are renters, indicating a significant demand for rental properties in the area. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $880, which is notably higher than the reported market rent of $557 based on Census ACS data. This suggests that landlords could potentially increase their rental rates closer to the FMR without losing tenants, as the local market seems undervalued relative to HUD standards.
$133,269 represents the median home value in Booneville, which is a moderate figure that could appeal to investors looking for affordable entry points. However, the median income of $25,911 indicates that many residents might struggle to afford homeownership, further supporting the need for rental housing.
The lack of data on days on market (DOM) and the percentage of price-cut share suggests that the real estate market in Booneville may be stable, with fewer fluctuations in property values and sales times. This stability can be beneficial for both landlords and small-portfolio investors who prefer predictable cash flows and less volatility in their investments.
In the context of Section 8 eligibility, the gap between the FMR and the actual market rent is substantial. With the FMR at $880 and the average market rent at $557, properties priced at or near the FMR would still be attractive to potential Section 8 tenants. Additionally, the lower median income figure supports the likelihood of a higher demand for subsidized housing, making it a viable option for investors in Booneville.
Given these figures, the verdict on Section 8 eligibility for Booneville, KY is positive, with ample opportunity for landlords to participate in the program and benefit from steady rental income while providing affordable housing options to residents.
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.