Location: Webster County, KY | Metro: Henderson County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $930 for ZIP 42406 in Corydon, KY, for fiscal year 2024, landlords can expect to align their rental pricing with federal guidelines. The Census American Community Survey (ACS) reports a market rent of $779, indicating a lower actual average rent compared to the FMR. This discrepancy suggests potential opportunities for landlords to increase rents while still being competitive. The median home value stands at $198,584, providing a benchmark for property values in the area. Renter share is 14.7%, which means that nearly one out of every seven households in Corydon are renters, underscoring the importance of rental properties to the local housing market.
The median income of $62,470 offers insight into the financial capacity of residents, which is crucial for assessing the viability of rental income. While the days on market (DOM) and the percentage of price-cut shares are not available, these missing data points might indicate a stable market where homes are sold relatively quickly without significant price reductions. The combination of a slightly higher FMR than the market rent, a substantial median home value, and a notable renter share makes ZIP 42406 an attractive area for Section 8 participation. Landlords can benefit from a steady stream of rental income supported by federal subsidies, ensuring consistent cash flow even if market conditions fluctuate.
A final consideration is the income level of residents, which directly impacts the demand for subsidized housing. Given the median income figure, it's reasonable to assume that a portion of the population qualifies for Section 8 assistance, further supporting the program's relevance in Corydon.
Verdict: Corydon, KY (ZIP 42406) is suitable for Section 8 participation, offering landlords a stable and federally-backed rental income source.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.