Location: Floyd County, KY | Metro: Floyd County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The ZIP code 41642 presents an interesting scenario for both renters and landlords. With a median household income of $95,625, the area seems financially stable. However, when considering the market rate for rent at $1,085, the financial landscape becomes more nuanced.
The Fair Market Rent (FMR) set by HUD for the metro area in fiscal year 2026 is $1,070. This means that the market rate is slightly above the voucher payment standard, indicating that renters relying on vouchers might find it challenging to secure housing at the going market rates.
In ZIP 41642, where 29.4% of the 972 residents are renters, the affordability gap is significant. A household earning the median income would dedicate approximately 28% of their monthly income towards rent at the market rate, which exceeds the recommended guideline of no more than 30%. This suggests that while some households can manage the market rate, others will struggle, especially those dependent on rental assistance.
The competition among landlords in this area is likely to be moderate. Given the slight discrepancy between the market rate and the voucher payment standard, landlords who accept vouchers may have a steady stream of tenants but at a lower rental income. Those who prefer cash-paying tenants might attract a smaller pool of higher-income renters willing to pay the market rate.
Takeaway for landlords: Accepting Section 8 vouchers can ensure consistent occupancy but at a rate slightly below the market price. Cash-paying tenants offer higher rental income but come with the risk of a smaller applicant pool. Landlords should consider the balance between income and occupancy stability when deciding their rental strategy.
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.