Location: Ohio County, KY | Metro: Grayson County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,380 |
| 5 Bedrooms | $1,601 |
| 6 Bedrooms | $1,793 |
| 7 Bedrooms | $1,936 |
| 8 Bedrooms | $2,033 |
U.S. Census Bureau data (2024)
The Federal Housing Assistance Program, commonly known as Section 8, can be a strategic investment for landlords and small-portfolio investors looking to enter ZIP code 42361. The Fair Market Rent (FMR) for this area, set at $870 for the fiscal year 2026, represents the payment standard that the government will cover on behalf of eligible tenants. This figure is not your rent; it's the maximum amount the government will pay per month.
To put this into perspective, the local market rent for similar units in ZIP 42361 is currently unavailable. However, the FMR of $870 serves as a benchmark for determining the rent you can charge above this amount. It's important to note that the actual rent you set must be reasonable and cannot exceed the FMR significantly.
The demand for Section 8 rentals in this area is strong, with 8.6% of the population being renters. This indicates that there is a significant portion of the community that relies on rental housing, creating a steady pool of potential tenants who could benefit from Section 8 assistance.
If you're considering acquiring a property for a Section 8 rental in ZIP 42361, the median home value in the area is $195,619. This is the typical price you might expect to pay for a property, which should be factored into your investment strategy along with the ongoing income from rent.
Before making the decision to invest in a Section 8 rental property, it's crucial to verify that the property meets all the necessary inspection criteria. The housing must pass a quality inspection known as the Housing Quality Standards (HQS), which ensures that the unit is safe, decent, and sanitary for occupancy. This verification is essential because failing to meet these standards can result in penalties and loss of contract eligibility.
In summary, the FMR of $870 provides a solid foundation for setting your rent and understanding the government's contribution towards it. With a 8.6% renter share, you can expect a stable tenant base. The median home value of $195,619 gives you an idea of the acquisition cost. Ensure the property passes the HQS inspection to avoid any issues down the line. Section 8 can be a reliable source of income for those willing to provide quality housing to those in need.
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.