ZIP 40402 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 40402 in the Clay County, KY FMR area.

Clay County, KY

$690Efficiency

$7401 bedroom

$9702 bedrooms

$1,2703 bedrooms

$1,2704 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$690	$621	$759	$650
1 bedroom	$740	$666	$814	$835
2 bedrooms	$970	$873	$1,067	$909
3 bedrooms	$1,270	$1,143	$1,397	$1,254
4 bedrooms	$1,270	$1,143	$1,397	$1,270

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

Jackson County, KY

$690Efficiency

$7401 bedroom

$9702 bedrooms

$1,2703 bedrooms

$1,2704 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$690	$621	$759	$650
1 bedroom	$740	$666	$814	$695
2 bedrooms	$970	$873	$1,067	$909
3 bedrooms	$1,270	$1,143	$1,397	$1,190
4 bedrooms	$1,270	$1,143	$1,397	$1,195

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

Laurel County, KY

$690Efficiency

$7401 bedroom

$9702 bedrooms

$1,2703 bedrooms

$1,2704 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$690	$621	$759	$674
1 bedroom	$740	$666	$814	$749
2 bedrooms	$970	$873	$1,067	$943
3 bedrooms	$1,270	$1,143	$1,397	$1,124
4 bedrooms	$1,270	$1,143	$1,397	$1,315

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

Income in ZIP 40402

$50,196average adjusted gross income per tax return (2022)

$38,490average salaries and wages per return

1,090tax returns filed

23%of average income for a 2-bedroom SAFMR

Adjusted gross income	Share of returns
$1 to $25,000	33.9%
$25,000 to $50,000	28.4%
$50,000 to $75,000	16.5%
$75,000 to $100,000	9.2%
$100,000 to $200,000	11.9%
$200,000 or more	0.0%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 24.8% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 40402?

HUD's FY2027 Small Area FMRs for ZIP 40402 (Clay County, KY) are $690 efficiency, $740 one bedroom, $970 two bedrooms, $1,270 three and $1,270 four bedrooms.

What payment standard can a housing authority set in ZIP 40402?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $873 to $1,067.

How affordable is rent in ZIP 40402?

Tax returns filed from ZIP 40402 reported an average adjusted gross income of $50,196 (2022). A two-bedroom unit at the Small Area FMR costs $11,640 a year, or 23% of that income.