ZIP 40245 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 40245 in the Louisville, KY-IN FMR area.

Louisville, KY-IN

$1,390Efficiency

$1,5201 bedroom

$1,8202 bedrooms

$2,3203 bedrooms

$2,6804 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$1,390	$1,251	$1,529	$976
1 bedroom	$1,520	$1,368	$1,672	$1,058
2 bedrooms	$1,820	$1,638	$2,002	$1,276
3 bedrooms	$2,320	$2,088	$2,552	$1,629
4 bedrooms	$2,680	$2,412	$2,948	$1,874

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

Shelby County, KY

$1,390Efficiency

$1,5201 bedroom

$1,8202 bedrooms

$2,3203 bedrooms

$2,6804 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$1,390	$1,251	$1,529	$873
1 bedroom	$1,520	$1,368	$1,672	$998
2 bedrooms	$1,820	$1,638	$2,002	$1,149
3 bedrooms	$2,320	$2,088	$2,552	$1,369
4 bedrooms	$2,680	$2,412	$2,948	$1,692

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

Income in ZIP 40245

$141,095average adjusted gross income per tax return (2022)

$93,627average salaries and wages per return

18,930tax returns filed

15%of average income for a 2-bedroom SAFMR

Adjusted gross income	Share of returns
$1 to $25,000	20.3%
$25,000 to $50,000	14.5%
$50,000 to $75,000	11.1%
$75,000 to $100,000	9.4%
$100,000 to $200,000	25.9%
$200,000 or more	18.9%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 5.9% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 40245?

HUD's FY2027 Small Area FMRs for ZIP 40245 (Louisville, KY-IN) are $1,390 efficiency, $1,520 one bedroom, $1,820 two bedrooms, $2,320 three and $2,680 four bedrooms.

What payment standard can a housing authority set in ZIP 40245?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $1,638 to $2,002.

How affordable is rent in ZIP 40245?

Tax returns filed from ZIP 40245 reported an average adjusted gross income of $141,095 (2022). A two-bedroom unit at the Small Area FMR costs $21,840 a year, or 15% of that income.