Location: Floyd County, KY | Metro: Floyd County, KY
| 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 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 41650 are straightforward. For a two-bedroom rental unit, the SAFMR (Small Area Fair Market Rent) for fiscal year 2026 is set at $900. This figure is specific to this ZIP code and reflects the maximum amount the housing authority will pay for a rental unit in this category.
To understand what a landlord can expect from a voucher, break down the SAFMR into its components. A tenant is typically responsible for paying 30% of their adjusted income towards rent. If we assume an average adjusted income of $1,500 per month, the tenant would contribute $450 towards the rent. The remaining $450 would be covered by the Section 8 voucher program.
In addition to the rent, the voucher also includes utility allowances. These vary based on the number of bedrooms and the specific needs of the household. For a two-bedroom unit, the utility allowance might range between $200 to $300 monthly, depending on the region's typical utility costs and the household size.
Thus, the total reimbursement a landlord can expect from a Section 8 voucher for a two-bedroom apartment in ZIP 41650 is the sum of the tenant's contribution and the utility allowance. Assuming a high-end utility allowance of $300, the total reimbursement would be $750 per month. This leaves a $150 shortfall compared to the SAFMR of $900, indicating that landlords would need to cover this difference themselves unless they can negotiate a higher subsidy with the housing authority.
Note that the SAFMR is the ceiling, and landlords should not expect to receive more than this amount. However, the actual reimbursement can be less if the tenant's income is lower, leading to a larger gap between the SAFMR and the total payment received.
In summary, landlords in ZIP 41650 can anticipate a reimbursement of around $750 for a two-bedroom rental unit, leaving them with a $150 shortfall relative to the SAFMR of $900.
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.