Location: Louisville, KY | Metro: Louisville, KY-IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
ZIP code 40285, located within the Louisville, KY-IN HUD Metro Fair Market Rent (FMR) area, has a fair market rent of $1320 for fiscal year 2024. This figure represents the maximum amount that low-income families should pay for housing under the Section 8 Housing Choice Voucher program.
The Louisville, KY-IN HUD Metro FMR Area typically sees a wide range of market rents and home values across different ZIP codes. However, for ZIP 40285, the specific market rent and home value data are currently unavailable. Additionally, the percentage of renters in this ZIP code is also not provided, which makes it challenging to determine its exact position within the broader metro context.
To classify ZIP 40285 as a value pocket, mid-tier neighborhood, or premium sub-market, we must rely on the given FMR and infer based on available general trends within the Louisville metro area. The FMR of $1320 suggests that this ZIP code could be considered a value pocket if it is below the average FMR of the Louisville metro. Value pockets are areas where the cost of living is relatively lower compared to the overall metro, making them attractive for low-income families seeking affordable housing options.
Without specific market rent and home value comparisons, we cannot definitively state how 40285 stacks up against other ZIP codes in terms of affordability and desirability. However, the absence of divergent data such as a high renter share combined with below-average home values indicates that 40285 may not be a standout Section 8 sweet spot. A sweet spot would typically have characteristics that make it particularly advantageous for landlords participating in the Section 8 program, such as a higher concentration of potential tenants who qualify for assistance.
In conclusion, based on the limited data available, ZIP 40285 appears to be positioned as a value pocket within the Louisville, KY-IN HUD Metro FMR Area due to its FMR of $1320. This classification implies that it offers relatively affordable housing options, which can be beneficial for both landlords and low-income families. Further analysis would require additional market-specific data to provide a more comprehensive assessment.
Data Sources: FMR data from HUD (2027).
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.