Location: Floyd County, KY | Metro: Floyd County, KY
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,250 |
| 5 Bedrooms | $1,450 |
| 6 Bedrooms | $1,624 |
| 7 Bedrooms | $1,754 |
| 8 Bedrooms | $1,842 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,240 | $138,831 | 0.89% | C |
U.S. Census Bureau data (2024)
The ZIP code 41615 stands as a market in motion, characterized by a snapshot of current conditions that suggest a dynamic interplay between supply and demand. With a Fair Market Rent (FMR) set at $900 for fiscal year 2026, this figure represents a benchmark for rental affordability in the area. The lack of current market rent data indicates either a nascent market or an underreported sector, which could mean that actual rents might be lower or higher than the FMR, pending further investigation.
The median home value of $113,810 signals a relatively affordable market for homeownership. This suggests that the area may attract first-time buyers or those seeking a more budget-friendly location. However, without data on the percentage of homes sold at a price cut and the days on market (DOM), it's challenging to determine if there is an oversupply of homes or if they are selling quickly, indicating strong buyer interest.
A 23.3% renter share in the population indicates a significant portion of residents who prefer or are compelled to rent rather than own their homes. This percentage can imply several things about the long-term housing pressure in 41615. Firstly, it suggests a continuous need for rental properties, which can be beneficial for landlords looking to maintain a steady stream of tenants. Secondly, the high renter share might indicate economic conditions that make homeownership less accessible for many residents, such as lower average incomes or limited access to financing.
The dynamics of this market, therefore, point towards a balance where the need for rental housing remains a constant factor. Landlords and small-portfolio investors should focus on maintaining competitive rental rates around the FMR to attract and retain tenants. Additionally, the relatively low median home value presents opportunities for investors to consider purchasing homes for renovation and resale or conversion into rental units, depending on local regulations and market trends.
To fully understand the trajectory of this market, ongoing monitoring of rental and home sales data is crucial. This will help in identifying any shifts in supply and demand that could affect investment decisions. For now, the data points to a stable yet evolving market, where the demand for affordable housing—both rental and ownership—remains a key driver.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.