ZIP 40374 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 40374 in the Lexington-Fayette, KY MSA FMR area.

Lexington-Fayette, KY MSA

$800Efficiency

$9801 bedroom

$1,1502 bedrooms

$1,5703 bedrooms

$1,7504 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$800	$720	$880	$986
1 bedroom	$980	$882	$1,078	$1,205
2 bedrooms	$1,150	$1,035	$1,265	$1,416
3 bedrooms	$1,570	$1,413	$1,727	$1,948
4 bedrooms	$1,750	$1,575	$1,925	$2,108

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

Bath County, KY

$800Efficiency

$9801 bedroom

$1,1502 bedrooms

$1,5703 bedrooms

$1,7504 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$800	$720	$880	$650
1 bedroom	$980	$882	$1,078	$695
2 bedrooms	$1,150	$1,035	$1,265	$909
3 bedrooms	$1,570	$1,413	$1,727	$1,124
4 bedrooms	$1,750	$1,575	$1,925	$1,320

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

Nicholas County, KY

$800Efficiency

$9801 bedroom

$1,1502 bedrooms

$1,5703 bedrooms

$1,7504 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$800	$720	$880	$650
1 bedroom	$980	$882	$1,078	$819
2 bedrooms	$1,150	$1,035	$1,265	$909
3 bedrooms	$1,570	$1,413	$1,727	$1,259
4 bedrooms	$1,750	$1,575	$1,925	$1,270

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

Income in ZIP 40374

$47,699average adjusted gross income per tax return (2022)

$36,569average salaries and wages per return

780tax returns filed

29%of average income for a 2-bedroom SAFMR

Adjusted gross income	Share of returns
$1 to $25,000	35.9%
$25,000 to $50,000	29.5%
$50,000 to $75,000	15.4%
$75,000 to $100,000	9.0%
$100,000 to $200,000	10.3%
$200,000 or more	0.0%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 24.4% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 40374?

HUD's FY2027 Small Area FMRs for ZIP 40374 (Lexington-Fayette, KY MSA) are $800 efficiency, $980 one bedroom, $1,150 two bedrooms, $1,570 three and $1,750 four bedrooms.

What payment standard can a housing authority set in ZIP 40374?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $1,035 to $1,265.

How affordable is rent in ZIP 40374?

Tax returns filed from ZIP 40374 reported an average adjusted gross income of $47,699 (2022). A two-bedroom unit at the Small Area FMR costs $13,800 a year, or 29% of that income.