Location: Wayne County, KY | Metro: Clinton County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
The median income in ZIP code 42603 stands at $53,229, which is slightly below the market rate for rent at $569 per month according to the Census ACS. This indicates that households in this area may struggle to cover their housing costs without financial strain, highlighting an immediate challenge for renters seeking stable housing.
Comparatively, the voucher payment standard for Fair Market Rent (FMR) in the metro area for fiscal year 2026 is set at $870 per month. This amount is significantly higher than the market rate, suggesting that landlords who accept vouchers could see an increase in rental income, albeit with the potential administrative complexities associated with voucher programs.
With only 7.6% of the 694-person population being renters, the competition among landlords is relatively low. However, this also means there is a limited pool of tenants available to occupy properties. Given the affordability gap between the median income and both the market rate and FMR, landlords should consider the benefits of accepting vouchers. While it may attract a different type of tenant, it ensures a steady and often higher income compared to the local market rate.
The takeaway for landlords is clear: accepting vouchers can be a strategic move to fill vacancies and secure higher monthly payments. It's important to weigh the administrative overhead against the financial stability and broader reach into the tenant market that vouchers provide. For small-portfolio investors, this strategy can offer a competitive edge in a market where many households find it difficult to meet the market rate without assistance.
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.