Location: Washington County, KY | Metro: Nelson 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 | $700 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $920 | $178,923 | 0.51% | F |
| 3BR | $1,270 | $259,516 | 0.49% | F |
| 4BR | $1,540 | $317,730 | 0.48% | F |
| 5BR | $1,786 | $409,050 | 0.44% | F |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 40069, Springfield, KY, suggests a robust environment for landlords and small-portfolio investors. With a median home value of $248,225, the market indicates stability and a solid foundation for property investments. The fact that only 0.1% of listings have been reduced points to strong seller pricing power, as homes are holding their values without significant downward adjustments.
The median days on market (DOM) being listed as N/A can imply either an exceptionally quick market where homes sell almost immediately upon listing, or it could indicate a low volume of transactions which makes it difficult to calculate an average. Both scenarios suggest a favorable position for sellers, as homes are either selling rapidly or there is limited competition among listings.
On the rental side, the forward market rent (FMR) for the metro area in fiscal year 2026 is projected at $900. This stands in contrast to the current market rent of $695, according to Census ACS data. This gap highlights an opportunity for landlords to gradually increase rents, aligning with the expected future market rates, and thus improving cash flow over time.
For long-hold investors, the setup implies a realistic appreciation thesis. Given the stable median home value and the potential for rental rate increases, properties in ZIP 40069 are likely to see gradual growth in both value and income generation. However, the absence of significant DOM data might temper expectations of rapid appreciation, indicating that while gains are probable, they will be steady rather than explosive.
In summary, the current metrics in Springfield, KY, point towards a market that favors those who hold onto properties, with solid prospects for maintaining and enhancing asset value through both capital appreciation and rental income growth.
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.