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 40583 in Unknown, KY, for fiscal year 2024 is set at $1210. This figure represents the payment standard for Section 8 housing vouchers, meaning it's the maximum amount that the government will pay towards rent for eligible tenants in this area. It's important to note that this is not the rent you'll charge your tenant; rather, it's the ceiling on the subsidy.
To put this into perspective, the local median rent in ZIP 40583 is currently listed as N/A, which suggests that the FMR is likely to be close to or slightly above the typical rent in the area. This makes it a useful benchmark for setting your own rental rates, ensuring they are competitive while still being covered by the voucher program.
The percentage of renters in the area who might qualify for Section 8 assistance is also listed as N/A%. This indicates the potential demand for Section 8 rentals in the area. While we don't have exact numbers, a higher percentage generally signals greater demand for affordable housing options, which could be beneficial for landlords looking to fill vacancies.
In terms of acquiring a property, the average home price in ZIP 40583 is N/A. This figure helps you understand the investment required to purchase a rental property. If you're buying, make sure to factor in the FMR when calculating your potential income versus expenses.
Before you decide to take the plunge into Section 8 rentals, verify that your property meets all the necessary inspection criteria. The Housing Quality Standards (HQS) ensure that the unit is safe, decent, and sanitary. Failure to meet these standards can result in denied tenancy or reduced payments.
Investing in a Section 8 rental in ZIP 40583 offers a reliable source of income, backed by the federal government, with the FMR providing a clear guideline for subsidy amounts. With the right preparation and property management, it can be a stable and rewarding venture.
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.