Location: Louisville, KY | Metro: Louisville, KY-IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
U.S. Census Bureau data (2024)
The ZIP code 40203 in Louisville, KY, stands out within Jefferson County due to its unique demographic and economic characteristics. With a population of 17,742 residents, it has a significant rental market, where 75.1% of the residents are renters. The median income in ZIP 40203 is $30,794, which is notably lower than the median home value of $151,296, indicating a substantial disparity between income levels and housing costs.
The voucher economics in ZIP 40203 provide a compelling opportunity for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,050, while the market rent, as measured by the Zillow Rent Index (ZORI), is slightly higher at $1,078. This means that landlords can expect to receive a subsidy close to the market rate, making the ZIP code an attractive investment area for those looking to leverage Section 8 vouchers effectively.
Given the data signature, ZIP 40203 reads as stable. The high percentage of renters suggests a consistent demand for rental properties, and the relatively low median income compared to the median home value indicates that many residents rely on subsidies like Section 8 to afford housing. Landlords in this ZIP code should anticipate a steady stream of tenants who qualify for assistance, ensuring long-term stability and predictable cash flows.
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.