Location: Morgan County, KY | Metro: Morgan County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
The ZIP code 41421 is not predominantly a renter-heavy area. With only 4.7% of the population renting, it is clear that homeownership dominates this market. The low percentage of renters suggests that the demand for rental properties using Section 8 vouchers will be limited.
The median household income in ZIP 41421 stands at $26,500, which is significantly below the national average. This economic context means that tenants relying on Section 8 vouchers will likely constitute a substantial portion of the rental market. However, without specific data on market rents in this area, it's challenging to quantify precisely how much of the local income goes toward typical rent payments. We can infer that rent expenses consume a considerable portion of the median income, given the low income level.
Comparing the local situation to the Fair Market Rent (FMR) set by HUD, which is $880 for FY 2026 in the metro area, provides insight into the affordability of housing. Given the median income, the FMR represents approximately 41% of the annual income. This indicates that even at the FMR rate, housing costs represent a significant financial burden for residents.
A landlord in ZIP 41421 should expect tenants who rely heavily on government assistance such as Section 8 vouchers to manage their housing costs. These tenants will have strict budget constraints and will be particularly sensitive to any increases in rent or additional fees. It's important for landlords to understand the intricacies of working with Section 8 vouchers and to ensure that their properties meet the necessary standards for eligibility.
To summarize, while the overall rental demand in ZIP 41421 is not high, those who do rent are likely to be dependent on financial aid, making Section 8 vouchers a relevant factor in the rental market. Landlords must be prepared to work within the parameters set by these programs and to cater to a tenant base with limited disposable income.
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.