Location: Livingston County, KY | Metro: Livingston County, KY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The Section 8 thesis for ZIP 42047 in Kentucky centers on the disparity between the Fair Market Rent (FMR) and the actual market rent. The FMR for the metro area for fiscal year 2026 is set at $1,110. However, the current market rent data for ZIP 42047 is not available, which makes it challenging to provide a precise comparison. Despite this, we can infer from other sources that the market rent could be higher, given the typical rental ranges observed in similar areas.
In ZIP 42047, 62.2% of residents are renters, indicating a significant rental market presence. The median household income is $2,499, which suggests financial constraints among the local population. This context is crucial when analyzing the potential impact of Section 8 on rental properties.
When the FMR exceeds the market rent, as might be the case here, voucher tenants become a yield play for landlords. They ensure a steady stream of income, often covering the entire rent amount and providing a level of security that open-market tenants may not offer. This stability is particularly attractive in an area where the median home value is $134,900, suggesting that many residents are likely to be seeking affordable rental options.
If the market rent were to be higher than the FMR, landlords would face a different challenge. Accepting housing voucher tenants means setting rents below the open-market rates, potentially reducing profit margins. However, the demand for affordable housing, especially in an area with a high percentage of renters and limited income, could still make it a viable strategy. Landlords must weigh the benefits of guaranteed payments against the lower rent compared to what they might charge in the open market.
The median home value and income figures provide a snapshot of the economic landscape in ZIP 42047. With a median home value of $134,900 and a median income of $2,499, the financial situation of many residents is likely tight, making affordable rental options through programs like Section 8 critical.
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.