Location: Letcher County, KY | Metro: Letcher County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,100 |
| 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)
ZIP code 41845 has a population of 174 individuals, with 10.8% identified as renters. Given the limited population size, the number of potential renters using Section 8 vouchers is relatively small. The scarcity of rental properties and renters suggests that this area is dominated by homeowners rather than renters.
The median household income for this ZIP code is not available, which makes it challenging to accurately assess the financial situation of the residents. However, the lack of income data implies that there might be a diverse range of economic backgrounds among the residents, potentially including families eligible for housing assistance programs such as Section 8.
Without specific market rent figures, it's difficult to provide a precise percentage of how much of local income goes towards rent. Nevertheless, we can compare the area to the Fair Market Rent (FMR) of $870, which is set for FY 2026 in the metro region. This figure represents the average rent for a two-bedroom apartment in the area and serves as a benchmark for assessing affordability.
In an environment where the median income is unknown but the FMR is established at $870, landlords should prepare for tenants who may rely heavily on government subsidies to cover their housing costs. The expected tenant profile includes individuals and families who qualify for Section 8 vouchers, typically those whose incomes fall below certain thresholds relative to the area's median income.
Landlords in ZIP 41845 should anticipate a mix of tenants who may have variable income sources, including social security, disability benefits, and part-time employment. It's important to note that the success of renting to Section 8 tenants depends on maintaining compliance with HUD regulations and ensuring timely receipt of voucher payments. While the demand for rental properties using Section 8 vouchers may be lower due to the small population, the presence of any such tenants would likely be significant given the overall rental market size.
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.