Location: Pulaski County, KY | Metro: Casey County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,110 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
U.S. Census Bureau data (2024)
The ZIP code 42553, with a population of 5,649, has a significant portion of its residents as renters at 23.3%. This indicates that it is a moderately renter-heavy area, though not overwhelmingly so. The median household income stands at $52,737, which provides insight into the financial capacity of potential tenants.
Average market rent in this area is $942 per month. To put this into perspective, the monthly rent constitutes approximately 18% of the median household income. This suggests that while rent is a considerable expense, it is still manageable for most households, leaving room for other essential expenditures such as food, healthcare, and transportation.
Comparing the market rent to the Fair Market Rent (FMR) figure of $880, as set for fiscal year 2026 in the metro area, we see that the actual rent is slightly higher. This could imply that there is a moderate level of demand for rental properties, particularly those eligible for Section 8 vouchers, as tenants seek affordable housing options that align with their budget constraints.
The kind of tenant profile a landlord in ZIP 42553 should expect includes individuals and families who rely on Section 8 vouchers to supplement their housing expenses. Given the income levels and the proportion of renters, these tenants will likely be cautious about their spending, prioritizing essentials over luxuries. Landlords can anticipate a mix of working adults and families who are looking for stable housing solutions within their means.
In conclusion, ZIP 42553 presents a viable market for Section 8 tenants, with a significant number of renters and a median income that supports the current market rent. However, the slight premium over the FMR may necessitate competitive pricing and quality amenities to attract and retain tenants effectively.
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.