Location: Wolfe County, KY | Metro: Magoffin County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
U.S. Census Bureau data (2024)
The ZIP code 41332 is situated in a small-town setting with a total population of 811 residents. Only 11.1% of these residents are renters, indicating a primarily owner-occupied community. The median household income in this area stands at $66,591, suggesting a middle-class demographic. However, the lack of data on median home values makes it challenging to draw a complete picture of the housing market.
Moving into the economic landscape of rental properties, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $870. In contrast, the actual market rent, as per the Census American Community Survey (ACS), is $1,053. This discrepancy highlights a potential opportunity for landlords who can manage properties efficiently to capture a higher rent premium than the government's subsidized rates.
For hands-off Section 8 voucher operators, ZIP 41332 presents a mixed scenario. While the low percentage of renters suggests limited demand for subsidized housing, the relatively high median income could support a greater willingness among tenants to pay the higher market rents. On the other hand, a hands-on value-add buyer might find more potential here. By improving property quality and increasing the attractiveness of the units, they could leverage the difference between FMR and market rent, thus achieving better financial returns.
In conclusion, ZIP 41332 offers opportunities for both hands-off and hands-on investors, but the hands-on approach seems more likely to yield significant benefits given the potential to increase rents above the FMR. The small-town character and modest population size mean that competition for rental units is likely to be lower, making it easier to implement value-add strategies and attract tenants willing to pay the market rate.
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.