Location: Lee County, KY | Metro: Lee County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
U.S. Census Bureau data (2024)
The ZIP code 41397 stands out due to its extremely low population of just 172 residents, making it one of the smallest ZIP codes in terms of size. With only 16.5% of the residents renting their homes, the rental market here is notably smaller compared to many other areas. The lack of data on median income and median home value suggests that this ZIP code may have unique economic characteristics or challenges that are not fully captured by standard metrics.
In terms of Section 8 voucher economics, the Fair Market Rent (FMR) for the metro area covering fiscal year 2026 is set at $910. However, the absence of specific local market rent data means that landlords must rely on the broader metro area's FMR as a guideline. This can be advantageous if the local rents are below the FMR, allowing landlords to receive a higher portion of the rent from vouchers. Conversely, if local rents are above the FMR, landlords might face challenges in attracting tenants who can afford the difference between the voucher amount and the actual rent.
The data signature for ZIP 41397 reads as "stable," but with a caveat. The stability is derived from the consistent and low number of renters and the reliance on broader metro area data for FMR. However, the lack of detailed economic indicators such as median income and median home value suggests that there might be underlying factors that could make this ZIP code's rental market "transitional." Landlords and small-portfolio investors should consider these nuances when evaluating the potential impact of Section 8 vouchers on their properties in this ZIP code.
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.