Location: Morgan County, KY | Metro: Morgan County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 41408 in fiscal year 2026 is set at $870. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will be receiving; rather, it is the benchmark used to determine the rent subsidy provided to tenants. The actual rent you receive will depend on the tenant's income and the rent calculation formula.
In ZIP 41408, the local market rent is currently N/A, which makes direct comparisons challenging. However, the FMR serves as a guideline for what is considered reasonable rent in the area. If the local market rent is higher than $870, you may find that your property is slightly less competitive compared to those not participating in the Section 8 program. Conversely, if the local market rent is lower, you may attract more tenants who qualify for the program.
The 13.5% renter share indicates the proportion of households that are renters in the area. This suggests a moderate demand for rental properties. While there isn't a specific figure provided for acquisition costs, the term typically refers to the price a landlord might expect to pay when purchasing a property in this area. Without a precise number, it's advisable to look at recent sales data for similar properties to gauge potential acquisition costs.
Before deciding to participate in the Section 8 program with a property in ZIP 41408, ensure that your property meets all the required standards for inspection. The Housing Quality Standards (HQS) inspection is a critical step that must be passed to become eligible for the program. These standards cover various aspects of the property, including safety, cleanliness, and functionality, ensuring that the living environment is suitable for tenants.
In summary, the FMR of $870 provides a cap on the rent you can charge under the Section 8 program. With a 13.5% renter share, there is a steady demand for rental properties in the area. Make sure your property is HQS compliant to avoid any delays in joining the program.
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.