Section 8 Fair Market Rent (FMR) for ZIP 40579 - 2027

Location: Lexington-Fayette, KY | Metro: Lexington-Fayette, KY MSA

FY 2027 Fair Market Rent Rates

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

ZIP code 40579, located in Kentucky, is a small rural area that offers unique opportunities for real estate investment, particularly in the context of the Section 8 housing voucher program.

The Fair Market Rent (FMR) for ZIP 40579 in fiscal year 2024 is set at $1210, which is the maximum amount that a landlord can charge for a unit to be eligible for the Section 8 program.
The market rent for the area is currently unavailable, indicating a lack of recent rental price data, which could suggest a stable but less dynamic rental market.
The median home value for ZIP 40579 is also not available, suggesting limited data on property values, possibly due to the low population density and fewer transactions.
The percentage of residents who are renters is not available, making it difficult to assess the overall demand for rental properties in the area.
The Days on Market (DOM) for the area is not available, which would typically provide insight into how quickly properties are rented out or sold.
The median income for ZIP 40579 is not available, which is crucial for understanding the financial capacity of potential tenants and their ability to afford rent.

In summary, while ZIP 40579 offers a straightforward opportunity for landlords interested in the Section 8 program with a defined FMR of $1210, the lack of other key data points such as market rent, median home value, renter share, DOM, and median income presents significant challenges for making informed investment decisions. Investors should conduct thorough research and consider consulting local real estate experts to better understand the nuances of this market before committing to any investment.

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.