Location: Shelby County, KY | Metro: Shelby County, KY 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 | $1,060 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,390 | $235,728 | 0.59% | F |
| 3BR | $1,720 | $338,947 | 0.51% | F |
| 4BR | $2,050 | $557,541 | 0.37% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 40067, Simpsonville, KY, in fiscal year 2024 is set at $1470. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is a federal housing assistance program. It's important to note that this is the payment standard, not necessarily the rent you'll receive. The actual rent paid by tenants will be lower, typically around 30% of their income, with the rest covered by the Housing Authority.
To put this into perspective, the average rent for the area, according to the Census Bureau's American Community Survey, is $687. This means that the FMR for Section 8 is significantly higher, almost double the local average. This difference can be attractive for landlords, as it provides a higher guaranteed rent compared to market rates.
The 15.3% share of renters in the population indicates that there is a moderate demand for rental properties in Simpsonville. However, the demand for affordable housing specifically can be higher, making Section 8 rentals a viable option for filling that need.
If you're looking to acquire a property in ZIP 40067 for a Section 8 rental, the median home value is approximately $410,313. This is the price point you should consider when evaluating potential investments. Given the FMR and the demand for affordable housing, this investment could be worthwhile if you're able to manage the property effectively.
Before you proceed with your first Section 8 rental, verify that the property meets the Housing Quality Standards (HQS). These standards ensure that the home is safe, decent, and sanitary, and failing to meet them can result in disqualification from the program. This is a critical step to ensure compliance and avoid any issues with the Housing Authority.
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.