Location: Hopkins County, KY | Metro: Hopkins County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $700 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The ZIP code 42410 is well-suited for landlords looking to attract Section 8 tenants. With a population of 1,084, nearly 30% of residents are renters, indicating a substantial demand for rental properties. The median household income stands at $38,194, which provides insight into the financial capacity of potential tenants.
A typical market rent of $680 consumes a significant portion of the average income. Specifically, the monthly rent represents approximately 17.8% of the annual median income when calculated on a monthly basis ($38,194 / 12 = $3,182.83; $680 / $3,182.83 = 0.2136 or 21.36%). This high percentage suggests that many renters rely heavily on subsidies such as housing vouchers to afford their living spaces.
The Fair Market Rent (FMR) for the area is set at $870, reflecting the fiscal year 2026 metro rate. This FMR is notably higher than the current market rent, which indicates that there could be an opportunity for landlords to adjust their rents closer to the FMR without significantly deterring voucher holders. Vouchers in this area are likely to cover the difference between the actual market rent and the FMR, making it feasible for tenants to afford higher rent rates.
The tenant profile landlords should anticipate in ZIP 42410 includes individuals and families who are financially reliant on government assistance to meet their housing needs. Given the economic conditions, these tenants will most likely have limited disposable income beyond covering essential expenses such as rent and utilities. Landlords must be prepared to manage properties with a focus on affordability and compliance with HUD regulations.
In summary, ZIP 42410 presents a viable market for Section 8 tenants due to its renter-heavy composition and the alignment of market rents with the income levels of its residents. The presence of housing vouchers can help bridge the gap between typical rents and the FMR, supporting a stable and subsidized rental environment.
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.