ZIP Code · KY

ZIP 40351

Part of Morehead, KY

Pop. 22,322·Rowan County·81st most expensive ZIP in Kentucky

Median rent (all units)

$969/mo

Year-over-Year

Stable

Month-over-Month

+0.4%

vs US Median

-$963

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 40351 · $969

More affordable than 98% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$610

1 BR

$720

2 BR

$890

3 BR

$1,130

4 BR+

$1,480

Research median

$890/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: September 25, 2026

From the history

What the numbers show

What a typical income covers

30% of the median household income ($51,835) is $1,296 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($1,130); a 4-bedroom is $1,480.

From Zillow's monthly rent index (ZORI) for ZIP 40351. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$11,628/yr

At $969/mo median

Location

CityMorehead

StateKY

CountyRowan County

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (+0.0% YoY, +0.4% MoM), not inventory.

Demographics

Who lives here

ZIP 40351 (Morehead, KY) is majority owner-occupied, skews toward younger working-age adults, has a median income below the national average, 26.5% of residents hold a bachelor's degree or higher.

Population

22,322

Median income

$51,835

Median age

30.8

Renters

37.6%

Age distribution

20.1%

34.7%

19.1%

14.9%

Under 1820.1%

18–3434.7%

35–5419.1%

55–6411.2%

65+14.9%

Gender

49%

51%

Male49%

Female51%

Race & ethnicity

93.4%

White93.4%

Black1.5%

Hispanic2.6%

Asian1%

Other1.4%

Education (25+)

30.9%

30.8%

26.5%

No HS diploma11.7%

HS diploma30.9%

Some college30.8%

Bachelor's+26.5%

Housing tenure

62.4%

37.6%

Owner62.4%

Renter37.6%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 40351 in Morehead, KY has changed in 5 years

Income

$46,356 → $51,835

up 11.8%

Population

22,539 → 22,322

down 1.0%

Renter share

38.3% → 37.6%

-0.7 pts

Bachelor's+

25.8% → 26.5%

+0.7 pts

Median age

30.2 → 30.8

+0.6 yrs

Household income in the area moved from $46,356 to $51,835 across the same window, up 11.8% versus 2021. Census counts show ZIP 40351 in Morehead, KY losing about 217 residents over the five-year window, down 1.0% on net.

Community

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Local insights

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About renting in ZIP 40351

Last updated: September 25, 2026

ZIP code 40351 covers Morehead, KY. The median rent here is $969/mo as of September 2026. A 1-bedroom rents for a median of $720/mo. A 2-bedroom rents for a median of $890/mo.

At 22% of local median household income ($51,835/yr), ZIP 40351 ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 40351?

To keep rent at or below 30% of gross income, you would need to earn at least $39,000/year (about $19/hour full-time) to afford the median rent of $969/mo in ZIP 40351. The local median household income is $51,835/yr, so the typical household meets that bar.