Location: Lexington-Fayette, KY | Metro: Lexington-Fayette, KY MSA
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 | $800 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,150 | $237,022 | 0.49% | F |
| 3BR | $1,570 | $278,992 | 0.56% | F |
| 4BR | $1,750 | $404,686 | 0.43% | F |
| 5BR | $2,030 | $496,546 | 0.41% | F |
U.S. Census Bureau data (2024)
Jessamine County's ZIP code 40390, which includes Wilmore, KY, stands out with a population of 7,429 residents, where 42.9% are renters. The median household income in this area is $73,767, while the median home value is notably higher at $311,008. This indicates a mix of middle-income families and a relatively high cost of homeownership.
The economic dynamics of Section 8 vouchers in ZIP 40390 are compelling. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $980, whereas the average market rent based on Census American Community Survey data is $943. This slight premium suggests that landlords can potentially benefit from participating in the Section 8 program, as they might receive slightly above-market rents. However, the difference is marginal, indicating that the program closely aligns with local rental market conditions.
Given the data signature, ZIP 40390 appears to be in a stable phase. The relatively high median home value alongside a moderate rental rate and median income suggests a balanced housing market. While there is a significant percentage of renters, the slight increase in FMR over market rates signals that the government is aiming to keep up with local demand without causing substantial distortions. Landlords and small-portfolio investors should find the environment predictable and favorable for steady returns.
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.