Location: Wayne County, KY | Metro: Pulaski County, KY
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,140 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,140 | $274,946 | 0.41% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 42518 in the upcoming fiscal year 2026 is set at $950. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in this area. It's important to note that this is not the actual rent you will receive, but rather the payment standard used by the housing authority to determine the subsidy amount for eligible tenants.
In comparison, the average rent for ZIP 42518, based on recent Census American Community Survey (ACS) data, is $799. This suggests that the FMR is slightly higher than the typical market rate, which could be beneficial for landlords who want to ensure they receive a fair income for their property.
The rental share in this ZIP code is 17.8%, meaning nearly one in every five households is a renter. This indicates a steady demand for rental properties, making it a good area for investment. However, the competition among landlords for Section 8 tenants might be high due to the demand.
If you're looking to acquire a property in ZIP 42518, the median home value stands at $185,865. This gives you an idea of the acquisition cost for a typical home in the area, which can help in assessing the potential return on your investment.
Before committing to a Section 8 rental property in ZIP 42518, verify that the property meets the housing quality standards required by the local housing authority. These standards ensure that the property is safe, decent, and sanitary for tenants, and failing to meet them could result in penalties or loss of tenancy.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.