Location: Pike County, KY | Metro: Pike County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,160 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The ZIP code 41538 presents a unique challenge for both renters and landlords alike. With a population of 327, it's clear that this area is quite small, which naturally limits the pool of potential tenants. Given that 17.5% of the residents are renters, there are approximately 57 individuals or households who might be looking for housing options.
The median income figure is not available for ZIP 41538, which makes it difficult to assess the average renter's ability to pay market rates. However, without a specific market rate provided, we can infer that the lack of data on income and rent prices suggests significant variability or scarcity in the rental market. This ambiguity can be a double-edged sword for landlords; while it may allow for some flexibility in pricing, it also means that setting unrealistic rents could quickly alienate the limited number of potential tenants.
When comparing the voucher payment standard of $900 (FMR for metro FY 2026) to the unknown market rate, it becomes evident that the voucher system offers a stable and predictable income stream for landlords. This fixed rate ensures that landlords receive a consistent amount each month, reducing the risk of non-payment or financial instability that can come with market-rate rentals.
The affordability gap in ZIP 41538 is likely to be substantial given the small population and the unknown market rate. For landlords, this means that competition for cash-paying tenants could be fierce if the market rate exceeds the $900 voucher amount. In such a scenario, landlords might find themselves having to lower their expectations on rental income or face prolonged vacancies.
Takeaway for landlords: In ZIP 41538, considering the voucher program at $900 could be a prudent strategy to ensure steady occupancy and a reliable source of income. Given the limited population and the unknown median income and market rate, relying on vouchers can mitigate the risks associated with an unpredictable rental market. Landlords should weigh the benefits of guaranteed payments against the potential for higher market-rate rents, keeping in mind the competitive landscape and the overall economic conditions of the area.
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.