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 ZIP code 40578, located in Lexington-Fayette County, Kentucky, presents a unique set of circumstances for landlords and small-portfolio investors. The area lacks specific demographic data such as resident count, percentage of renters, median income, and median home value, which can make it challenging to assess its overall stability or transitional nature.
Despite these data gaps, the Fair Market Rent (FMR) for ZIP 40578 is established at $1210 for the fiscal year 2024. This figure represents the maximum amount that landlords can charge tenants participating in the Section 8 housing choice voucher program. Without comparable local market rent data, it's difficult to gauge how competitive this rate is; however, the FMR provides a benchmark for rental pricing in subsidized housing.
The voucher economics in ZIP 40578 are straightforward. Landlords can expect to receive a fixed payment of up to $1210 per month, assuming the tenant’s portion of the rent is paid on time. This ensures a predictable income stream, which is beneficial for financial planning and stability. However, the lack of detailed market rent information means that landlords must rely on other sources to understand how this FMR compares to the actual rental rates in the area.
Given the incomplete data signature, the ZIP code appears to be somewhat transitional. While the FMR offers a stable economic anchor for voucher recipients, the absence of comprehensive local economic indicators suggests that further investigation into the specific neighborhood dynamics and trends is necessary before making investment decisions. Landlords should consider supplementary research to fill in the gaps and make informed choices about their rental properties in ZIP 40578.
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.