Location: Louisville, KY | Metro: Louisville, KY-IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
ZIP code 40041 is predominantly a renter-heavy area with 81.8% of its population renting homes. This indicates a strong potential for Section 8 tenants who rely on housing vouchers to find affordable living spaces. The median household income in this ZIP is $153,214, which suggests that residents have a relatively high income compared to the national average.
Despite the high income levels, the typical market rent in this area is not specified, making it difficult to calculate the exact percentage of income spent on rent. However, we can compare the median family rent (FMR) of $1270 for FY 2024 to the median household income to infer affordability. At $1270 per month, the typical rent would consume approximately 8.2% of the median household income, indicating that most residents could afford higher rents without financial strain.
The high concentration of renters and the substantial income levels imply that there is likely a significant demand for rental properties that accept Section 8 vouchers. Landlords in ZIP 40041 should anticipate a tenant pool that includes individuals and families seeking stable housing through government assistance programs. These tenants will be looking for properties where the rent aligns with their voucher amounts, typically around the FMR of $1270 per month.
To summarize, landlords in ZIP 40041 should prepare for a robust market in Section 8 tenants due to the high renter population. The expected tenants will have a strong inclination towards finding properties that match their voucher allowances, ensuring timely and consistent rental payments. Given the high median income, landlords might also consider setting rents above the FMR to attract non-voucher tenants who can afford higher rates.
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.