Location: Perry County, KY | Metro: Breathitt County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $700 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,270 |
| 5 Bedrooms | $1,473 |
| 6 Bedrooms | $1,650 |
| 7 Bedrooms | $1,782 |
| 8 Bedrooms | $1,871 |
U.S. Census Bureau data (2024)
The ZIP code 41348 is characterized by a significant rental market presence, with 27.6% of its population consisting of renters. This suggests that there is a notable demand for rental properties in the area. Given the median household income of $34,732, it's important to analyze how this compares to the market rent and the Fair Market Rent (FMR).
Average market rent stands at $536, which represents approximately 15.4% of the median household income. This indicates that the typical rent in ZIP 41348 is relatively affordable for local residents, making it easier for them to cover living expenses without financial strain.
However, comparing the market rent to the FMR of $870 (for fiscal year 2026 in the metro area), we see that the actual rent is significantly lower. This discrepancy highlights a potential opportunity for landlords who can offer units at or near the FMR, thereby attracting tenants with Section 8 vouchers. The FMR is set higher to reflect a broader regional affordability standard, suggesting that ZIP 41348 has a below-average cost of living relative to its metropolitan area.
To determine if this ZIP code is a renter-heavy area with deep voucher demand or a homeowner-dominated area where vouchers are less common, consider the following:
The high percentage of renters (27.6%) suggests a robust rental market. However, the median income level is quite low, indicating that many residents rely on assistance programs such as Section 8 vouchers to afford housing. The fact that the average market rent is only about 62% of the FMR implies a strong reliance on subsidized housing among the tenant pool.
Landlords in ZIP 41348 should anticipate a tenant profile that includes a significant number of individuals and families who depend on government subsidies to meet their housing needs. These tenants will likely have incomes well below the median, often qualifying for assistance due to the economic conditions of the area.
In summary, ZIP 41348 presents a scenario where landlords can benefit from a substantial rental market, but they must be prepared to work with tenants who require Section 8 vouchers to pay rent. The lower-than-FMR market rents indicate an area where subsidized housing plays a critical role in meeting the housing needs of the population.
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.