Location: Bowling Green, KY | Metro: Bowling Green, 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 | $1,040 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,620 | $283,344 | 0.57% | F |
U.S. Census Bureau data (2024)
ZIP code 42159, located within the Bowling Green, KY HUD Metro FMR Area, exhibits characteristics that position it as a mid-tier neighborhood. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1,070, which closely aligns with the broader market rent of $1,118. This suggests that rental prices in 42159 are reflective of the overall market conditions in the area.
The median home value in 42159 is $289,295, which is slightly above average for the Bowling Green, KY HUD Metro FMR Area. This indicates that while properties in 42159 are not among the most expensive in the region, they still command a reasonable price point, consistent with its mid-tier status.
A notable feature of ZIP 42159 is its renter share, which stands at 33.1%. This percentage is indicative of a significant number of renters within the area. When comparing this to typical ZIP codes within the Bowling Green, KY HUD Metro FMR Area, where the renter share might be lower, 42159 emerges as an area with a higher concentration of potential Section 8 tenants.
The combination of a high renter share and median home values that are above average but not exorbitant can signal a sweet spot for landlords participating in the Section 8 program. The higher renter share suggests a larger pool of eligible tenants, while the median home value being slightly above average implies a reasonable investment opportunity without the premium costs associated with higher-end markets.
In summary, ZIP code 42159 represents a mid-tier neighborhood within the Bowling Green, KY HUD Metro FMR Area. It offers a balance between rental affordability and property value, making it a favorable location for landlords interested in the Section 8 program due to its higher renter share and accessible home values.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.