Location: Trimble County, KY | Metro: Louisville, KY-IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,650 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 40070 in fiscal year 2024 is set at $1230. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, which means that if you participate in this program, the government will pay up to this amount towards your tenant's rent. However, it does not necessarily mean that this is the rent you should charge.
To put this into context, the average rent in ZIP 40070, based on Census ACS data, is $1523. This indicates that the market rent is higher than the FMR, suggesting that there is room to charge more than the $1230 voucher limit. The difference between the FMR and the market rent is $293 per month, which could be covered by the tenant's contribution.
In ZIP 40070, 50.4% of residents are renters, which shows a significant demand for rental properties. This high percentage of renters can translate into a steady pool of potential tenants who might benefit from the Section 8 program. Additionally, the median home value in this area is $275,589, which can give you an idea of the typical acquisition cost for a property in this ZIP code.
Before proceeding with a Section 8 rental, ensure that your property meets the Housing Quality Standards (HQS). These standards are set by the Department of Housing and Urban Development (HUD) and must be met for a property to be eligible for the Section 8 program. Failure to meet these standards can result in rejection, even if you have everything else in order.
In summary, the FMR of $1230 is the maximum amount that the government will pay through the Section 8 program, but you can charge a higher rent if the market supports it. With over half of the population renting, there is strong demand for rental properties. Verify that your property meets HQS to avoid any issues when applying for the program.
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.