Location: Louisville, KY | Metro: Elizabethtown, 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 | $790 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $91,099 | 1.11% | B |
| 3BR | $1,380 | $155,443 | 0.89% | C |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $950 for ZIP 40177 (West Point, KY) in fiscal year 2024, landlords can expect to align their rental properties with federal standards. The Census ACS reports a market rent of $807, indicating that properties priced at the FMR level will be competitive yet profitable. The median home value stands at $130,790, offering a clear benchmark for property investment. In West Point, 32.1% of residents are renters, suggesting a stable demand for rental properties. The median income of $50,577 provides insight into the financial capacity of potential tenants, ensuring they can afford the $807 market rent. While the data does not specify the average days on market (DOM), nor the percentage of price-cut shares, these figures would typically influence the speed and terms of rental agreements. Given the alignment between the FMR and market rent, along with the median income supporting the ability to pay, Section 8 participation offers a reliable stream of income for landlords. The verdict for Section 8 in ZIP 40177 is positive, with the program providing a secure and steady rental market.
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.