ZIP 40223 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 40223 in the Louisville, KY-IN FMR area.

$1,270Efficiency
$1,3801 bedroom
$1,6602 bedrooms
$2,1203 bedrooms
$2,4404 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$1,270$1,143$1,397$976
1 bedroom$1,380$1,242$1,518$1,058
2 bedrooms$1,660$1,494$1,826$1,276
3 bedrooms$2,120$1,908$2,332$1,629
4 bedrooms$2,440$2,196$2,684$1,874

Housing authorities may set voucher payment standards from 90% to 110% of the FMR that applies to them.

Income in ZIP 40223

$121,471average adjusted gross income per tax return (2022)
$70,527average salaries and wages per return
12,190tax returns filed
16%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00021.7%
$25,000 to $50,00019.4%
$50,000 to $75,00015.0%
$75,000 to $100,00010.1%
$100,000 to $200,00020.8%
$200,000 or more13.0%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 8.0% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 40223?

HUD's FY2027 Small Area FMRs for ZIP 40223 (Louisville, KY-IN) are $1,270 efficiency, $1,380 one bedroom, $1,660 two bedrooms, $2,120 three and $2,440 four bedrooms.

What payment standard can a housing authority set in ZIP 40223?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $1,494 to $1,826.

How affordable is rent in ZIP 40223?

Tax returns filed from ZIP 40223 reported an average adjusted gross income of $121,471 (2022). A two-bedroom unit at the Small Area FMR costs $19,920 a year, or 16% of that income.