Location: Letcher County, KY | Metro: Letcher County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,120 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
The ZIP code 41849 is situated in a predominantly homeowner-driven area with a population of approximately 75 residents. Only 13.3% of these residents are renters, indicating a strong preference for homeownership among the local populace. The median household income stands at $65,221, suggesting a relatively affluent community where most residents can afford to purchase their homes rather than rent.
Despite the low percentage of renters, the rental market is still significant for those who choose or need to rent. According to the Fair Market Rent (FMR) data for the fiscal year 2026, the metro area's FMR is set at $870. This figure represents the maximum amount that a Section 8 tenant can be expected to pay towards their housing costs. However, the specific market rent for ZIP 41849 is not available, which makes it challenging to assess the gap between FMR and actual market rates. Without this information, it's difficult to determine the potential profit margins for landlords operating in this ZIP code.
Given the characteristics of ZIP 41849, it appears to favor a hands-off voucher operator over a hands-on value-add buyer. The low percentage of renters and the lack of detailed market rent data suggest that the rental market is not robust enough to support extensive property improvements or active management aimed at increasing rental income. Instead, landlords might find success by focusing on properties that can be rented out through the Section 8 program, ensuring steady and reliable tenants who can afford their rent based on the FMR.
To summarize, ZIP 41849 is a small, affluent area with limited opportunities for active rental investment. The presence of the Section 8 program, with its defined FMR of $870, provides a clear framework for passive rental operations, making it suitable for landlords seeking stable, government-subsidized tenancy without the complexities of managing a highly competitive rental market.
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.