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It’s a trade-off. For the best sound quality, it’s FM. But your coverage is limited. For the best coverage, it’s AM.
The way the rules are written, on FM you just don’t have the legal coverage that you do on AM. And, FM is ‘the money band’. That’s where all the popular, and thus, highest billing stations are. Broadcasters are going to protect their investment and wouldn’t think twice about turning someone in. It’s happened in my area.
So, having said all that, you should strongly think about putting up an AM. Yes, it’s more work. You won’t be able to buy a Ramsey off Ebay and get on the air. But, you’ll learn a lot and have fun at the same time.