FMR is below market; voucher rent may lag private rents.
0.75
1 BR
1 BR
0.71ratio
FMR$960
Market$1,360
vs market-$400
FMR is below market; voucher rent may lag private rents.
0.71
2 BR
2 BR
0.72ratio
FMR$1,160
Market$1,600
vs market-$440
FMR is below market; voucher rent may lag private rents.
0.72
3 BR
3 BR
0.70ratio
FMR$1,480
Market$2,110
vs market-$630
FMR is below market; voucher rent may lag private rents.
0.70
4 BR
4 BR
0.62ratio
FMR$1,700
Market$2,740
vs market-$1,040
FMR is below market; voucher rent may lag private rents.
0.62
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
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ZIP 40041 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 40041 (Masonic Home, KY) is $1,160 a month. That is down 0.9% from $1,170 in FY 2026. Masonic Home 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. Among 61 ZIP codes in Jefferson County, 40041 has the 51st-highest two-bedroom rent (county range $1,010–$1,910). The median county two-bedroom FMR in Kentucky is $925, so ZIP 40041 is 25% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 40041
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$890
$890
0.0%
$801–$979
1BR
$960
$960
0.0%
$864–$1,056
2BR
$1,170
$1,160
−0.9%
$1,044–$1,276
3BR
$1,490
$1,480
−0.7%
$1,332–$1,628
4BR
$1,740
$1,700
−2.3%
$1,530–$1,870
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 40041
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$890
$960
$1,160
$1,480
$1,700
FY 2026
$890
$960
$1,170
$1,490
$1,740
FY 2025
$960
$1,040
$1,270
$1,640
$1,900
FY 2024
$950
$1,050
$1,270
$1,660
$1,910
FY 2023
$760
$860
$1,030
$1,370
$1,570
Two-bedroom rent in nearby Jefferson County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 40041?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,160, that basic range is $1,044 to $1,276 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 ZIP 40041 in?
ZIP 40041 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 ZIP 40041 for FY 2027?
The two-bedroom FMR fell 0.9%, from $1,170 in FY 2026 to $1,160 in FY 2027. Since FY 2023 it has risen 12.6%.
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