FMR is near market; voucher and private rents are aligned.
0.92
1 BR
1 BR- 40059
1.07ratio
FMR$1,580
Market$1,470
vs market+$110
FMR is near market; voucher and private rents are aligned.
1.07
2 BR
2 BR- 40059
1.10ratio
FMR$1,910
Market$1,730
vs market+$180
FMR is above market; underwrite to market rent.
1.10
3 BR
3 BR- 40059
1.09ratio
FMR$2,440
Market$2,230
vs market+$210
FMR is near market; voucher and private rents are aligned.
1.09
4 BR
4 BR- 40059
1.06ratio
FMR$2,810
Market$2,660
vs market+$150
FMR is near market; voucher and private rents are aligned.
1.06
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
Prospect, KY fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Prospect, KY is $1,910 a month. That is unchanged from FY 2026. Prospect is in the Louisville, KY-IN HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. The median county two-bedroom FMR in Kentucky is $925, so Prospect is 106% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Prospect, KY
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,450
$1,460
+0.7%
$1,314–$1,606
1BR
$1,570
$1,580
+0.6%
$1,422–$1,738
2BR
$1,910
$1,910
0.0%
$1,719–$2,101
3BR
$2,440
$2,440
0.0%
$2,196–$2,684
4BR
$2,840
$2,810
−1.1%
$2,529–$3,091
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Prospect, KY
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,460
$1,580
$1,910
$2,440
$2,810
FY 2026
$1,450
$1,570
$1,910
$2,440
$2,840
FY 2025
$1,510
$1,640
$2,000
$2,580
$2,990
FY 2024
$1,460
$1,610
$1,950
$2,550
$2,930
FY 2023
$1,170
$1,320
$1,580
$2,090
$2,410
Questions about Prospect, KY rents
How much will Section 8 pay for a two-bedroom in Prospect, KY?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,910, that basic range is $1,719 to $2,101 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is Prospect, KY in?
Prospect, KY is in the Louisville, KY-IN HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.
How much did fair market rent change in Prospect, KY for FY 2027?
The two-bedroom FMR was unchanged at $1,910 in FY 2027. Since FY 2023 it has risen 20.9%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set