Location: Louisville, KY | Metro: Louisville, KY-IN HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,350 | $215,353 | 0.63% | D |
U.S. Census Bureau data (2024)
The ZIP code 47110 stands out due to its unique demographic and economic characteristics. With only 481 residents, it has a very low population density, which is unusual for a typical residential area. Only 10.0% of the residents rent their homes, indicating that homeownership is significantly higher than in many other areas. The median home value in this ZIP is $202,106, reflecting a relatively stable housing market. However, the lack of reported median income data suggests that there might be variability or insufficient data points to accurately represent the income levels of the residents.
Moving to the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 47110 in fiscal year 2024 is set at $1120. This figure represents the maximum amount that a landlord can receive through the voucher program for a rental unit. Notably, there is no available market rent data for comparison, which means landlords cannot directly gauge how competitive the FMR is against the actual local rental market rates. This absence of market rent data could be due to the low number of renters in the area or a lack of comprehensive reporting.
The data signature for ZIP 47110 reads as "stable," primarily because of the high median home value and the significant proportion of homeownership. Despite the limited rental market data, the high home values suggest a strong property market that is unlikely to experience sudden fluctuations. Landlords and small-portfolio investors should consider the potential challenges of finding enough eligible tenants for Section 8 vouchers, given the low percentage of renters in the area. However, the stability in home values provides a solid foundation for long-term investment strategies.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
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.