Location: Shelby County, KY | Metro: Shelby County, KY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 40022 in fiscal year 2024 is set at $1150. This figure is indicative of the rental yield potential in the area. However, the median home value of $500,848 suggests that property values are relatively high, which can affect the overall yield when considering the purchase price of properties.
Regarding stability, the data reveals that only 13.5% of residents are renters, which is a low percentage. This indicates a primarily owner-occupied market, which can reduce the stability of rental income. Additionally, the average income level in the area is $98,333, which is moderate and does not necessarily support high rental yields. The lack of data on days on market (DOM) makes it difficult to assess the liquidity of the market for flipping properties.
To summarize, ZIP 40022 leans towards being a steady-cashflow zone rather than a high-yield/low-stability flip-style market. The low percentage of renters and moderate income levels suggest that rental demand might not be robust enough to support quick flips or high rental yields. Landlords and small-portfolio investors should consider these factors when evaluating potential investments in this 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.