ZIP 47120 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 47120 in the Louisville, KY-IN FMR area.

Louisville, KY-IN

$820Efficiency

$8501 bedroom

$1,0802 bedrooms

$1,3503 bedrooms

$1,5104 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$820	$738	$902	$976
1 bedroom	$850	$765	$935	$1,058
2 bedrooms	$1,080	$972	$1,188	$1,276
3 bedrooms	$1,350	$1,215	$1,485	$1,629
4 bedrooms	$1,510	$1,359	$1,661	$1,874

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

Washington County, IN

$820Efficiency

$8501 bedroom

$1,0802 bedrooms

$1,3503 bedrooms

$1,5104 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$820	$738	$902	$770
1 bedroom	$850	$765	$935	$775
2 bedrooms	$1,080	$972	$1,188	$1,014
3 bedrooms	$1,350	$1,215	$1,485	$1,222
4 bedrooms	$1,510	$1,359	$1,661	$1,333

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

Income in ZIP 47120

$61,045average adjusted gross income per tax return (2022)

$43,440average salaries and wages per return

420tax returns filed

21%of average income for a 2-bedroom SAFMR

Adjusted gross income	Share of returns
$1 to $25,000	28.6%
$25,000 to $50,000	26.2%
$50,000 to $75,000	16.7%
$75,000 to $100,000	9.5%
$100,000 to $200,000	19.0%
$200,000 or more	0.0%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 16.7% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 47120?

HUD's FY2027 Small Area FMRs for ZIP 47120 (Louisville, KY-IN) are $820 efficiency, $850 one bedroom, $1,080 two bedrooms, $1,350 three and $1,510 four bedrooms.

What payment standard can a housing authority set in ZIP 47120?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $972 to $1,188.

How affordable is rent in ZIP 47120?

Tax returns filed from ZIP 47120 reported an average adjusted gross income of $61,045 (2022). A two-bedroom unit at the Small Area FMR costs $12,960 a year, or 21% of that income.