Location: Hickman County, KY | Metro: Graves County, KY
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 | $650 |
| 1 Bedroom | $690 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,260 |
| 5 Bedrooms | $1,462 |
| 6 Bedrooms | $1,637 |
| 7 Bedrooms | $1,768 |
| 8 Bedrooms | $1,856 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $910 | $129,955 | 0.7% | D |
| 3BR | $1,220 | $185,010 | 0.66% | D |
U.S. Census Bureau data (2024)
The median income in ZIP code 42088, which includes Wingo, KY, stands at $52,745. This figure is crucial when considering the local rental market, where the average market rate is $696 per month according to Census ACS data. A household earning the median income would find it challenging to cover this rent, especially when following the widely accepted guideline that housing costs should not exceed 30% of gross income. At 30%, the median income allows for a maximum monthly rent of approximately $1,318.50, significantly higher than the current market rate.
However, the comparison shifts dramatically when considering the Federal Market Rent (FMR) standard of $870, set for metro areas in fiscal year 2026. This amount exceeds the current market rate by $174, indicating that many households might struggle to afford rents that align with the FMR without financial assistance. The voucher payment standard aims to bridge this affordability gap, making it possible for lower-income families to secure housing that would otherwise be out of reach.
With 30.3% of the population being renters and a total population of 2,497, the competition among landlords is notable but limited by the size of the market. Landlords who accept vouchers can tap into a segment of the market that might not otherwise be able to afford local rents, ensuring steady occupancy. However, those focusing on cash-paying tenants must balance their rates against the local income levels to attract and retain residents.
The takeaway for landlords is clear: accepting vouchers can expand your tenant pool and ensure consistent income, albeit at a rate slightly below the market average. For those aiming for higher rents, targeting cash-paying tenants requires setting competitive rates that do not exceed the affordability threshold of the majority of local households. In ZIP 42088, landlords have a choice between leveraging the voucher system to fill units or positioning themselves in a niche market with slightly higher rents, mindful of the local economic realities.
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.