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 | $780 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $203,965 | 0.5% | F |
| 3BR | $1,300 | $268,461 | 0.48% | F |
| 4BR | $1,500 | $354,370 | 0.42% | F |
U.S. Census Bureau data (2024)
The ZIP code 47117, located in Elizabeth, IN, has a population of 4,400 residents. Among these, only 14.6% are renters, indicating that this is primarily a homeowner-dominated area rather than a renter-heavy ZIP. The median household income in this area stands at $86,853, which suggests a relatively affluent community.
The typical market rent in ZIP 47117 is $860. This represents approximately 1.0% of the median household income, indicating that rent is a small portion of the average resident's income. In comparison, the Fair Market Rent (FMR) for the area is set at $1,230 for FY 2024, which is significantly higher than the actual market rent, suggesting that rental properties may be more affordable than the federal benchmark.
Given the low percentage of renters and the relatively high median income, it is likely that the demand for Section 8 vouchers is lower compared to areas with a higher proportion of renters and lower incomes. Landlords in ZIP 47117 should expect tenants who can afford market rents without relying on government assistance, as the local economy supports higher disposable incomes.
To summarize, landlords and small-portfolio investors in ZIP 47117 should anticipate a tenant pool that is financially stable and capable of paying market rents. The low renter percentage and high median income indicate that tenants are less likely to require housing vouchers, making the area less dependent on Section 8 programs.
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.