Location: Perry County, KY | Metro: Perry County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,200 |
| 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 economics of Section 8 housing in ZIP code 41735 are defined by the SAFMR (Small Area Fair Market Rent) which for a two-bedroom apartment is set at $960 per month for fiscal year 2026. This figure is specific to this ZIP code and reflects the local rental market conditions more accurately than a broader metro or county-level rate would.
Landlords often wonder how much they can expect to receive when a tenant uses a Section 8 voucher. Here's a breakdown: The tenant is responsible for paying 30% of their adjusted income towards rent. For the sake of analysis, let's assume an average adjusted income of $1,600 for tenants in this area, which would mean they pay approximately $480 toward rent. The remaining balance is covered by the Housing Choice Voucher program, up to the SAFMR limit of $960.
In addition to the base rent, there are utility allowances that vary depending on the type of unit and location. For a two-bedroom apartment in ZIP 41735, the utility allowance might be around $300 per month. This amount is also subject to the SAFMR cap, meaning the total reimbursement from the voucher program cannot exceed $960 even if the tenant's portion plus utilities exceeds this amount.
To illustrate, if a tenant's portion is $480 and the utility allowance is $300, the total reimbursement would be $780. This leaves a gap of $180 between the SAFMR and the reimbursement. Conversely, if the local market rent were lower than $960, landlords could see a surplus where the voucher pays more than the market rent demands.
Given that the local market rent data is currently unavailable, it's important to compare the SAFMR against recent rental listings to determine if there will be a gap or surplus. If the typical market rent for a two-bedroom is below $960, landlords will benefit from a higher payment. However, if the market rent is above $960, landlords will face a shortfall unless they can find tenants willing to cover the difference out of pocket.
In summary, landlords in ZIP 41735 should anticipate a reimbursement of up to $960 for a two-bedroom unit, with the actual amount being the sum of the tenant's contribution and utility allowances, capped at the SAFMR. The exact financial impact depends on the prevailing local market rents, but based on the SAFMR, there is likely to be a reimbursement gap of $180 if the market rent aligns with the assumed average adjusted income scenario.
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.