Location: Lexington-Fayette, KY | Metro: Lexington-Fayette, KY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $2,000 |
| 4 Bedrooms | $2,160 |
| 5 Bedrooms | $2,506 |
| 6 Bedrooms | $2,807 |
| 7 Bedrooms | $3,032 |
| 8 Bedrooms | $3,184 |
The market in ZIP 40533, located in Kentucky, is characterized by a strong presence of renters, indicated by the Fair Market Rent (FMR) set at $1210 for the fiscal year 2024. This suggests that rental properties are essential to the local housing landscape. The absence of market rent data points to a lack of recent transactions, which could imply a less active market for rental properties. However, the FMR benchmark provides a clear guideline for landlords and small-portfolio investors.
The N/A% price-cut share and N/A-day days on market (DOM) indicate that there is insufficient data to assess the frequency of price reductions or the speed at which properties are rented. This might be due to limited activity or reporting. Nonetheless, the fact that the FMR is established without corresponding market rent data suggests that the rental market could be experiencing some level of stability or even a slight imbalance where supply meets but does not exceed demand.
The median home value being listed as N/A further underscores the challenge in gauging the overall health of the housing market. It's possible that homeownership is not as prevalent as renting, which aligns with the importance of the FMR in setting expectations for rental pricing. This dynamic could reflect long-term housing pressures, where a significant portion of residents rely on rental housing rather than purchasing homes, thus maintaining a steady demand for rental properties.
In summary, ZIP 40533 presents a market heavily reliant on rental housing, with a defined FMR that guides landlords and investors. The lack of specific data on market rents, price-cut shares, DOM, and median home values indicates a need for more detailed analysis to fully understand the supply-demand balance. For now, the focus remains on the robust rental sector, which signals a consistent demand for affordable housing options.
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.