Location: Owensboro, KY | Metro: Owensboro, KY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,330 |
| 5 Bedrooms | $1,543 |
| 6 Bedrooms | $1,728 |
| 7 Bedrooms | $1,866 |
| 8 Bedrooms | $1,959 |
U.S. Census Bureau data (2024)
The analysis of ZIP 42322 within the Owensboro, KY MSA reveals several key points regarding its viability for investment.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for ZIP 42322 in fiscal year 2024 is set at $910. However, without specific data on the market rent, it's challenging to directly compare these figures. The lack of market rent data suggests that either the area is under-researched, or market conditions are relatively stable, making FMR a reliable benchmark.
Regarding the affordability of acquisition, the absence of median home value, days on market (DOM), and the percentage of homes needing price cuts indicates that there might be limited recent transaction data available for this ZIP code. This scarcity makes it difficult to assess the typical cost and ease of acquiring properties. Landlords should conduct further local research to understand property values and market dynamics.
The third question concerns tenant demand. With a population of 53, the ZIP code has an extremely low renter share of 0.0%. This statistic implies that nearly all residents own their homes, suggesting minimal demand for rental properties. Given the very small population, even a slight change in the number of renters could significantly impact the rental market.
Verdict: ZIP 42322 presents a challenging environment for landlords and small-portfolio investors due to its tiny population and almost non-existent renter share. While the FMR provides a guideline for rental pricing, the lack of comprehensive market data complicates both the assessment of rent viability and the feasibility of property acquisition. Investors must proceed with caution and seek additional local insights before committing to any investment decisions in this area.
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.