Location: Perry County, KY | Metro: Letcher County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,330 |
| 5 Bedrooms | $1,543 |
| 6 Bedrooms | $1,728 |
| 7 Bedrooms | $1,866 |
| 8 Bedrooms | $1,959 |
U.S. Census Bureau data (2024)
The ZIP code 41731 is a renter-heavy area with a significant portion of its population relying on rental housing. With a total population of 927, 32.6% are renters, indicating a robust demand for rental properties. The median household income stands at $52,353, which directly influences the affordability of housing.
The market rent in this area is $715 per month, representing approximately 15.4% of the median household income. This suggests that while rents are affordable for many, they still constitute a considerable portion of monthly earnings, particularly for those who might be eligible for Section 8 assistance.
In comparison, the Fair Market Rent (FMR) for the metro area, set at $930 for FY 2026, is notably higher than the current market rent. This discrepancy indicates that the market rent in ZIP 41731 is below the FMR threshold, potentially making it an attractive location for tenants seeking Section 8 vouchers. The lower market rent means that landlords could receive a higher percentage of the FMR through Section 8 payments, thereby covering their costs and providing a buffer against vacancy rates.
A landlord in ZIP 41731 should expect a tenant profile characterized by individuals and families with modest incomes, heavily reliant on rental assistance programs such as Section 8. These tenants will likely have a strong preference for affordable housing options, given the significant proportion of their income that goes towards rent. The high concentration of renters also implies that competition for available units can be fierce, especially among those with rental vouchers, making property management and maintenance crucial to attracting and retaining tenants.
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.