Location: Marshall County, KY | Metro: McCracken County, KY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
U.S. Census Bureau data (2024)
The market in ZIP code 42029 presents a dynamic equilibrium between supply and demand, leaning slightly towards demand-driven conditions. The Fair Market Rent (FMR) for the area stands at $940, which is set for the fiscal year 2026. This figure is reflective of the metro area's average rental costs, indicating a robust demand for rental properties.
The market rent, according to the Census ACS, is slightly higher at $983. This suggests that while the rental market is competitive, there is still room for landlords to charge premiums over the FMR. The fact that the price-cut share is only 0.2% further supports this notion, implying that most listings are selling close to their original asking price without significant reductions. This low price-cut share points to a healthy level of demand, where potential buyers are willing to pay closer to the initial listing price.
The median home value in the area is $185,362. While this figure alone does not provide insight into the balance of supply and demand, it can be considered in conjunction with the rental market trends. A lower median home value coupled with strong rental rates could indicate that the area is attractive to renters due to affordability concerns, thus suggesting a scenario where demand for rentals is high relative to homeownership options.
The renter share in ZIP 42029 is 33.1%. This percentage is indicative of a significant portion of the population preferring or needing to rent rather than own homes. Such a high renter share can exert long-term housing pressure on the market, ensuring a steady demand for rental units. Landlords and small-portfolio investors should recognize that a substantial number of residents rely on rental housing, making it a reliable market for investment.
In summary, the snapshot of ZIP 42029 reveals a market that is moving in a direction favorable for landlords and investors who focus on rental properties. With a slight premium in market rent over the FMR, a low price-cut share, and a considerable renter share, the dynamics suggest a market where demand is likely to keep pace with or slightly exceed supply, offering stability and growth opportunities for those invested in rental housing.
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.