Location: Monroe County, KY | Metro: Monroe County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 42157, set at $880 for metro fiscal year 2026, is the payment standard established by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 program. This figure does not represent the rent you will charge your tenants; rather, it is the maximum amount that the government will pay toward a tenant's rent. If your property's market rent exceeds $880, the tenant will be responsible for paying the difference.
In ZIP 42157, there is no specific local rent limit provided, which means the $880 FMR serves as both the payment standard and the maximum allowable rent for a Section 8 unit. This can affect your pricing strategy when setting the rent for your property. It is crucial to understand that while the FMR is $880, you can set your rent higher, but the tenant must be able to afford the additional amount.
The renter share in this area is 23.0%, indicating a moderate level of demand for rental properties. This percentage reflects the proportion of households that rent their homes, suggesting that a significant portion of the population could potentially benefit from Section 8 housing assistance. Given the FMR and the renter share, it is reasonable to expect a steady interest from potential tenants who qualify for the Section 8 program.
If you're considering purchasing a property for a Section 8 rental in ZIP 42157, the median home value is $198,233. This figure represents the typical cost of acquiring a property in the area, which is an important factor when assessing your investment. With this median home value, you can estimate the initial capital required and plan your budget accordingly.
Before committing to a Section 8 rental property, ensure that the property meets HUD’s Housing Quality Standards (HQS). These standards require the property to be safe, decent, and sanitary. A thorough inspection and any necessary repairs to meet HQS should be verified to avoid delays in securing a tenant through the Section 8 program.
To summarize, the FMR of $880 for ZIP 42157 sets the parameters for your Section 8 rental income. The median home value of $198,233 gives you a benchmark for the acquisition cost, and the 23.0% renter share suggests a stable demand. However, the critical step is confirming that your property complies with HQS to guarantee eligibility for the program.
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.