Location: Hancock County, KY | Metro: Hancock County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,300 |
| 5 Bedrooms | $1,508 |
| 6 Bedrooms | $1,689 |
| 7 Bedrooms | $1,824 |
| 8 Bedrooms | $1,915 |
960 FMR (Fair Market Rent) for ZIP 42364 indicates the maximum amount that should be charged for a rental unit under the Section 8 program for fiscal year 2024. While the market rent for the area is currently unknown, it's important for landlords to note that the FMR serves as a guideline to ensure affordability for low-income families. With 8 homes listed on Zillow in ZIP 42364, there appears to be limited inventory for potential investors looking to acquire properties in this area. The lack of detailed data on median home values, renter share percentages, median income, and days on market (DOM) suggests a need for deeper local research to understand the real estate landscape fully. The absence of information on the percentage of price-cut shares also implies that the market may not be experiencing significant fluctuations in pricing, at least based on available data.
Investors considering Section 8 participation in ZIP 42364 should recognize that the program provides a steady stream of rental income, albeit at regulated rates. Given the 960 FMR, properties priced above this figure might struggle to attract tenants through the Section 8 program. However, the limited number of homes for sale could present an opportunity to acquire properties at below-market rates, especially if they are suitable for Section 8 tenants. It's crucial to evaluate the local demand for affordable housing and the willingness of tenants to participate in the program.
Based on the available data, the verdict for Section 8 in ZIP 42364 is cautious optimism. The steady FMR rate can provide reliable income, but the limited market data requires careful due diligence before committing to investment opportunities. Ensure that any property acquired meets the quality standards set by the program to avoid issues with tenant placement and maintenance.
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.