Location: Louisville, KY | Metro: Louisville, KY-IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,100 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $2,110 |
| 5 Bedrooms | $2,448 |
| 6 Bedrooms | $2,742 |
| 7 Bedrooms | $2,961 |
| 8 Bedrooms | $3,109 |
U.S. Census Bureau data (2024)
The ZIP code 40280 is situated within the Louisville, KY-IN HUD Metro FMR Area. For fiscal year 2024, the Fair Market Rent (FMR) for ZIP 40280 is set at $1350. This figure is crucial for landlords and small-portfolio investors as it reflects the maximum rent that can be charged under the Housing Choice Voucher Program.
While specific market rent and home value data for ZIP 40280 are not available, the overall Louisville, KY-IN HUD Metro FMR Area has an average market rent that is typically higher than the state average. For instance, the statewide average rent for a two-bedroom apartment in Kentucky is around $950, indicating that Louisville generally commands higher rents. Given the FMR of $1350 for ZIP 40280, it suggests that this area may have slightly above-average market rents within the Louisville metro, placing it in a mid-tier neighborhood status.
The absence of home value and renter share data makes it challenging to fully assess the market dynamics of ZIP 40280. However, based on the FMR alone, it appears to be neither a value pocket nor a premium sub-market. If the actual market rent in 40280 aligns closely with the FMR, landlords could expect a stable but not exceptionally lucrative rental environment.
To accurately determine if 40280 is a Section 8 sweet spot, further investigation into the local renter share and home values would be necessary. High renter share with below-metro home values often indicates such a sweet spot, but without this information, we cannot draw definitive conclusions.
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.