Location: Louisville, KY | Metro: Louisville, KY-IN 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 | $940 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,230 | $235,990 | 0.52% | F |
| 3BR | $1,580 | $318,680 | 0.5% | F |
U.S. Census Bureau data (2024)
The ZIP code 40109, located in Brooks, KY, has a population of 2,376 residents. Only 2.0% of these residents are renters, indicating that this is primarily a homeowner-dominated area. The median household income in this ZIP is $75,495, which places it above the national average and suggests a relatively affluent community.
Given the low percentage of renters, it's unlikely that there is a deep voucher demand in this area. Landlords in ZIP 40109 can expect fewer applications from tenants using Section 8 vouchers due to the limited number of renters compared to homeowners.
The median household income does not directly correlate to market rent figures, as specific rental price data is not provided. However, we can compare the income to the Fair Market Rent (FMR) established by HUD for the area, which is $1,290 per month for FY 2024. At this rate, the typical rent would consume approximately 17% of the median household income, assuming a household spends 30% of its income on housing as recommended by financial experts. This calculation indicates that the rent is manageable for most residents in the area.
Considering the FMR and the median income, landlords should anticipate tenants who are likely to be financially stable and capable of meeting their rental obligations without relying on government assistance. These tenants will probably have a good credit history and steady employment, making them desirable for landlords and small-portfolio investors.
In summary, ZIP 40109 is not a renter-heavy area, and the demand for Section 8 vouchers is expected to be low. With a median household income of $75,495 and an FMR of $1,290, landlords can expect tenants who are financially secure and reliable.
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.