Location: Trimble County, KY | Metro: Louisville, KY-IN HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,320 | $261,632 | 0.5% | F |
U.S. Census Bureau data (2024)
The ZIP code 40006 represents a modest-sized community with a population of 5,068 individuals. Only 15.5% of these residents are renters, indicating that this area is primarily dominated by homeowners rather than renters. This makes it less likely to have a high demand for Section 8 vouchers, which are typically used by low-income renters to cover part of their housing costs.
The median household income in ZIP 40006 stands at $59,477, placing it in a moderate income bracket. The average market rent of $736 is a significant portion of the local income. To be precise, the typical rent consumes about 14.7% of the median household income, calculated by dividing the monthly rent by the annual income and multiplying by 12. This suggests that while rent is affordable for many residents, it still represents a considerable expense.
Comparing the market rent to the Fair Market Rent (FMR), which is set at $1160 for FY 2024, reveals that the actual rents in ZIP 40006 are below the FMR. This could indicate either a competitive rental market or a general trend towards more affordable housing options. However, given the relatively low percentage of renters, it's more likely that the majority of housing units are owner-occupied, thus reducing the overall demand for rental properties and Section 8 vouchers.
A landlord in ZIP 40006 should expect tenants who are financially stable but may still find the rent a notable portion of their budget. These tenants are likely to value the affordability of the housing and appreciate the quality of life offered by a smaller, potentially quieter community. They would be middle-class individuals or families looking for a comfortable living environment without the need for government assistance, as evidenced by the low percentage of renters and the income levels relative to the rent.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.