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Jefferson County/Prospect/40059

40059

ZIPSAFMR
Jefferson County, KY
Zillow

ZIP Investment Score

67Below average

095130300
BRFMR
Eff. Rent
0 BR$1,460$1,540
1 BR$1,580$1,470
2 BR$1,910$1,730
3 BR$2,440$2,230
4 BR$2,810$2,660
5 BR$3,231Not available
6 BR$3,716Not available
7 BR$4,274Not available
8 BR$4,915Not available

Purchase Price Calculator

Maximum purchase price
$195,161

Cost breakdown

+Likely effective rent$1,730
HUD FMR$1,910
Market rentUsed$1,730
Est. payment standard (94%)$1,790
-Principal and interest-$987
Loan amount$156,129
Down payment$39,032
Rate6.50%
Term30 years
-Operating costs-$543
Property taxes-$195
Insurance-$175
Utilities$0
HOA$0
Management-$173
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$27,800(71.2% ROI)
Projected value
$210,167
Return breakdown
Property appreciation+$15,006
Loan principal paid down+$5,594
Rental cash flow+$7,200
5-year hold
+$47,621(122.0% ROI)
Projected value
$220,807
Return breakdown
Property appreciation+$25,646
Loan principal paid down+$9,975
Rental cash flow+$12,000
10-year hold
+$102,430(262.4% ROI)
Projected value
$249,822
Return breakdown
Property appreciation+$54,662
Loan principal paid down+$23,769
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.92
1 BR
1.07
2 BR
1.10
3 BR
1.09
4 BR
1.06
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 40059 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 40059 (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. Among 61 ZIP codes in Jefferson County, 40059 has the highest two-bedroom rent (county range $1,010–$1,910). The median county two-bedroom FMR in Kentucky is $925, so ZIP 40059 is 106% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 40059
BedroomsFY 2027Change90–110% range
Studio$1,460+0.7%$1,314–$1,606
1BR$1,580+0.6%$1,422–$1,738
2BR$1,9100.0%$1,719–$2,101
3BR$2,4400.0%$2,196–$2,684
4BR$2,810−1.1%$2,529–$3,091

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 40059
Fiscal yearStudio1BR2BR3BR4BR
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

Two-bedroom rent in nearby Jefferson County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 40059
40014$1,360−28.8%
40018$1,300−31.9%
40023$1,540−19.4%
40025$1,530−19.9%
40027$1,300−31.9%
40041$1,160−39.3%
40047$1,140−40.3%
40059Current$1,910—
40109$1,230−35.6%
40118$1,320−30.9%
40177$1,010−47.1%
40201$1,300−31.9%

Questions about ZIP 40059 rents

How much will Section 8 pay for a two-bedroom in ZIP 40059?

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 ZIP 40059 in?

ZIP 40059 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 40059 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

County fair market rentProspect, KY fair market rentKY statewide rentsWhat is SAFMR?Data sources