Location: Louisville, KY | Metro: Louisville, KY-IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
U.S. Census Bureau data (2024)
The ZIP code 40007 stands out due to its unique characteristics. With only 47 residents, it has the lowest percentage of renters at 0.0%, indicating that nearly all residents are homeowners. The median income in this area is $64,417, which suggests a modest financial comfort level among its inhabitants. However, the median home value is not available, possibly due to the limited number of transactions or homes in the area.
Moving to the voucher economics, the Fair Market Rent (FMR) for ZIP 40007 for fiscal year 2024 is set at $1220. This figure represents the estimated rent for a standard-quality rental unit suitable for a family receiving federal housing assistance. Notably, there is no available data on the local market rent, which might indicate that rental properties are scarce in this ZIP code.
The data signature for ZIP 40007 reads as "stable." Given the low number of renters and the lack of rental market data, it's clear that the rental sector is minimal. For landlords and small-portfolio investors considering Section 8 participation, the low FMR indicates that rental units would need to be priced below or at this amount to qualify for the program. This stability means that there is little fluctuation in the rental market, but also implies limited opportunities for expansion into rental properties within this ZIP code.
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.