Location: Bowling Green, KY | Metro: Bowling Green, KY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
To profile ZIP code 42102 in Kentucky for its suitability as a Section 8 tenant pool, we must rely on the available data. The population figure is currently unavailable, as is the percentage of renters and the median household income. However, despite these limitations, we can still make some informed observations based on the Fixed Monthly Rate (FMR) set by HUD.
The FMR for ZIP 42102 is set at $1110 for fiscal year 2024. This figure represents the maximum amount that landlords can charge tenants who receive Section 8 vouchers, ensuring affordability for low-income families. Without specific data on the local market rent, it's challenging to provide a precise comparison. However, if we assume that the typical market rent is higher than the FMR, then we can infer that a significant portion of the local income would be allocated towards rent, making the FMR a critical benchmark for affordability.
In areas where the median income is lower, the demand for Section 8 vouchers tends to be higher, as more residents require financial assistance to cover housing costs. Conversely, in regions where the median income is higher, fewer residents might qualify for such assistance, leading to less demand for Section 8 tenants. Given the lack of specific income data, we cannot definitively state whether ZIP 42102 has a high concentration of renters or homeowners. However, the presence of an FMR suggests that there is likely a segment of the population that relies on rental housing and potentially Section 8 assistance.
A landlord in ZIP 42102 should anticipate tenants who are part of low-income households and rely on government subsidies to meet their housing needs. These tenants will have a budget constrained by the FMR, which means landlords must be prepared to offer competitive rental properties within this limit to attract and retain tenants. It's also important for landlords to familiarize themselves with the requirements and procedures associated with accepting Section 8 tenants, including regular inspections and adherence to certain maintenance standards.
While the exact percentage of local income spent on rent cannot be calculated without additional data, it's reasonable to conclude that in a low-income area, the FMR of $1110 could represent a substantial portion of a household's monthly budget. Landlords should consider offering value-added amenities or services that can help make their properties more attractive to potential tenants within this voucher program framework.
Data Sources: FMR data from HUD (2027).
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.