Location: Shelby County, KY | Metro: Louisville, KY-IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
U.S. Census Bureau data (2024)
The ZIP code 40014, Crestwood, KY, is home to 23,101 residents, with 12.0% of them being renters. The median household income in this area stands at a robust $121,189. This indicates that Crestwood is not a renter-heavy ZIP but rather an area dominated by homeowners, which means that the demand for Section 8 vouchers is likely to be lower compared to areas with a higher percentage of renters.
The market rent for the area is reported at $1,648. Considering the median household income, typical rent consumes approximately 13.6% of the local income. This is calculated by dividing the market rent ($1,648) by the median household income ($121,189) and multiplying by 100. In contrast, the Fair Market Rent (FMR) for the area, as set for FY 2024, is $1,490. This suggests that the market rent is slightly above the FMR, indicating that landlords might need to adjust their expectations regarding rental income if they plan to accept Section 8 vouchers.
A landlord in Crestwood, KY, can expect tenants who are likely to be financially stable due to the high median household income. However, the tenant pool seeking Section 8 vouchers will be smaller, and these tenants may have additional requirements or restrictions related to the voucher program. Landlords should also be prepared for a potential discrepancy between market rents and FMRs, which could impact the number of tenants eligible for vouchers in the area.
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.