Location: McCreary County, KY | Metro: McCreary County, KY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,290 |
| 5 Bedrooms | $1,496 |
| 6 Bedrooms | $1,676 |
| 7 Bedrooms | $1,810 |
| 8 Bedrooms | $1,901 |
U.S. Census Bureau data (2024)
0.0% of the population in ZIP 42638 relies on rental housing, indicating a minimal demand for apartments or houses available for rent. This statistic aligns with the lack of reported market rent data, suggesting that rental properties are not a significant part of the local real estate landscape. Similarly, the absence of median home value data points to a unique situation where homeownership statistics might be less relevant due to the low rental share. However, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920, which represents the benchmark for rental costs under the Section 8 program. Despite the limited rental market, landlords and small-portfolio investors should note the median income of $11,595, which is significantly below the national average, highlighting the financial constraints faced by potential tenants. The data does not provide days on market (DOM) or the percentage of price-cut share, making it difficult to assess the speed of property sales or the necessity for price adjustments in the area. Given these factors, landlords should prepare for a potentially challenging environment in terms of finding eligible tenants who can afford the $920 FMR, especially considering the low median income levels. For small-portfolio investors, the lack of detailed market data suggests a need for thorough local research before committing to any investment decisions. In summary, while the FMR offers a clear guideline for rental pricing, the overall economic conditions and limited rental market presence in ZIP 42638 make it a cautious investment for Section 8 properties.
Section 8 Verdict: Not recommended due to low tenant eligibility and limited rental market presence.
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.