Location: Graves County, KY | Metro: Carlisle County, KY HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,330 |
| 5 Bedrooms | $1,543 |
| 6 Bedrooms | $1,728 |
| 7 Bedrooms | $1,866 |
| 8 Bedrooms | $1,959 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $960 | $141,700 | 0.68% | D |
| 3BR | $1,260 | $214,004 | 0.59% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 42035, Kentucky stands at $55,515. Given the absence of specific market rate data, it is imperative to focus on the voucher payment standard to gauge affordability. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $910. This figure serves as a benchmark for understanding rental costs relative to household incomes.
To put this into perspective, consider that only 8.6% of the 816 residents are renters. This indicates a relatively low demand for rental properties within the area. However, the affordability gap between the median income and the FMR suggests that many households might struggle to pay market rates without assistance.
The FMR of $910 is significantly lower than what would be expected based on the median income, indicating that rental properties priced around this level are more likely to be affordable to the majority of the local population. Landlords who aim to attract tenants should consider pricing their units close to or below the FMR to ensure they remain competitive in the local market.
The takeaway for landlords is clear: focusing on accepting vouchers can be a strategic advantage in attracting tenants. While cash-paying tenants might offer higher rents, the limited number of renters and the affordability gap suggest that those willing and able to pay above the FMR may be few. By aligning with voucher programs, landlords can tap into a more stable tenant pool, ensuring occupancy and a steady income stream that matches the economic reality of the area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.