FY2027 Small Area FMR · Island, KY

ZIP 42350 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 42350 (Island, KY) is $1,140 a month, up 2.7% from FY2026. That is 0% equal to the Owensboro, KY area-wide FMR of $1,138.

2-bedroom SAFMR$1,140per month ▲ 2.7%

Area-wide 2 BR FMR$1,138Owensboro, KY

Rank in the area6thof 18 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,026

2 BR Small Area FMR$1,140

110% of SAFMR$1,254

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$870▲ 3.6%

1 BR$870▲ 2.4%

2 BR$1,140▲ 2.7%

3 BR$1,510▲ 2.7%

4 BR$1,520▲ 3.4%

FY2027 FY2026

Where 42350 sits in the Owensboro, KY area

Of the 18 ZIP codes HUD lists for the area, 42350 has the 6th highest two-bedroom Small Area FMR. Owensboro, KY is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,138 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,140 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$870	$783 – $957	$864	$840
1 bedroom	$870	$783 – $957	$870	$850
2 bedrooms	$1,140	$1,026 – $1,254	$1,138	$1,110
3 bedrooms	$1,510	$1,359 – $1,661	$1,507	$1,470
4 bedrooms	$1,520	$1,368 – $1,672	$1,516	$1,470

A household renting a two-bedroom home at the Small Area FMR of $1,140 needs about $45,600 a year to keep housing costs at 30% of income. The area median family income is $92,100 and the 80% low-income limit for four people is $73,700. ZIP code 42350 lies mainly in McLean County. See the Owensboro, KY metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
42372	Sacramento	5.6 mi	$1,000
42371	Rumsey	6.8 mi	$1,000
42352	Livermore	6.9 mi	$1,000
42328	Centertown	7.9 mi	$1,050
42374	South Carrollton	9.1 mi	$910
42330	Central City	10.0 mi	$1,000

Questions

What is the Fair Market Rent for ZIP code 42350?

HUD's FY2027 Small Area Fair Market Rents for 42350 are $870 (studio), $870 (1 BR), $1,140 (2 BR), $1,510 (3 BR) and $1,520 (4 BR) a month.

What is the Section 8 payment standard in 42350?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 42350 that range is $1,026 to $1,254 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 42350?

The FY2026 income limits of the Owensboro, KY area apply: median family income $92,100, low-income (80%) limit $73,700 for a family of four.