Location: Shelby 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 | $780 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $155,384 | 0.65% | D |
| 3BR | $1,300 | $230,134 | 0.56% | F |
| 4BR | $1,500 | $297,751 | 0.5% | F |
U.S. Census Bureau data (2024)
ZIP code 40019, located in Eminence, Kentucky, stands out within Henry County due to its unique demographic and economic characteristics. With a population of 4,238 residents, it has a rental rate of 36.4%, indicating a significant portion of the community relies on rented housing. The median income in this area is $60,761, while the median home value is notably higher at $228,665.
The voucher economics in ZIP 40019 reveal a discrepancy between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR is set at $1,130, whereas the Census ACS reports the market rent at $837. This difference suggests that landlords can potentially benefit from participating in the Section 8 program, as they would receive a higher rent subsidy compared to the local market rates.
Analyzing the data signature of ZIP 40019, it appears to be in a transitional phase. The relatively high median home value alongside a substantial rental market indicates a mix of homeowners and renters. However, the gap between the FMR and the market rent implies that there could be changes in the housing dynamics as more individuals might seek rental assistance through the Section 8 program. Landlords and small-portfolio investors should consider these factors when evaluating their investment strategies in this ZIP code.
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.