Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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ZIP 40061 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 40061 (Saint Catharine, KY) is $920 a month. That is up 2.2% from $900 in FY 2026. Saint Catharine is in the Washington County, KY non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $939. Among 11 ZIP codes in Washington County, 40061 is tied for the 7th-highest two-bedroom rent (county range $910–$1,350).
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 40061
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$640
$660
+3.1%
$594–$726
1BR
$690
$710
+2.9%
$639–$781
2BR
$900
$920
+2.2%
$828–$1,012
3BR
$1,190
$1,270
+6.7%
$1,143–$1,397
4BR
$1,280
$1,330
+3.9%
$1,197–$1,463
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 40061
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$660
$710
$920
$1,270
$1,330
FY 2026
$640
$690
$900
$1,190
$1,280
FY 2025
$650
$690
$900
$1,080
$1,230
FY 2024area FMR
$657
$690
$907
$1,097
$1,295
FY 2023area FMR
$563
$590
$776
$944
$1,213
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Washington County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 40061?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $939, which applies unless the housing authority uses Small Area FMRs, that basic range is $845 to $1,033 a month; under the ZIP-level Small Area FMR of $920 it would be $828 to $1,012. 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 40061 in?
ZIP 40061 is in the Washington County, KY non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $939.
How much did fair market rent change in ZIP 40061 for FY 2027?
The two-bedroom FMR rose 2.2%, from $900 in FY 2026 to $920 in FY 2027. Since FY 2025 it has risen 2.2%.
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