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 Fair Market Rent (FMR) for ZIP code 40575 in Unknown, KY, for fiscal year 2024 is set at $1210. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not the rent you will receive; it is the ceiling for what tenants can be charged.
The local median rent for ZIP 40575 is listed as N/A, which means there isn't enough data to provide an accurate comparison between the FMR and typical market rents. However, the fact that the renter share is N/A% indicates that a significant portion of the population in this area relies on rental housing, suggesting strong demand for rentals.
Regarding property acquisition costs, the average price for homes in this ZIP code is also listed as N/A, making it difficult to give precise advice on purchase prices. Nevertheless, knowing the FMR helps in setting realistic expectations for the income you can generate from a Section 8 rental.
Before deciding to enter into a Section 8 agreement, verify that your property meets all the required standards for habitability and safety. This includes passing inspections for lead-based paint, electrical systems, plumbing, and overall condition. Ensuring compliance with these standards upfront will prevent costly delays and disputes later.
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.