Shelby County/Smithfield/40068

40068

ZIPSAFMR

Shelby County, KY

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ZIP Investment Score

76Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$990	$990	2.5%
1 BR	$1,080	$1,080	2.3%
2 BR	$1,300	$1,300	2.1%
3 BR	$1,650	$1,650	1.2%
4 BR	$1,910	$1,910	1.8%
5 BR	$2,197	Not available	1.8%
6 BR	$2,526	Not available	1.8%
7 BR	$2,905	Not available	1.8%
8 BR	$3,341	Not available	1.8%

Purchase Price Calculator

Maximum purchase price

$131,263

Cost breakdown

+Likely effective rent$1,300

HUD FMRUsed$1,300

Market rentN/A

Est. payment standardN/A

-Principal and interest-$664

Loan amount$105,010

Down payment$26,253

Rate6.50%

Term30 years

-Operating costs-$436

Property taxes-$131

Insurance-$175

Utilities$0

HOA$0

Management-$130

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$21,055(80.2% ROI)

Projected value

$141,356

Return breakdown

Property appreciation+$10,093

Loan principal paid down+$3,762

Rental cash flow+$7,200

5-year hold

+$35,958(137.0% ROI)

Projected value

$148,512

Return breakdown

Property appreciation+$17,249

Loan principal paid down+$6,709

Rental cash flow+$12,000

10-year hold

+$76,751(292.4% ROI)

Projected value

$168,028

Return breakdown

Property appreciation+$36,765

Loan principal paid down+$15,987

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical

FY 2023-2027

FMR: FY2027
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 40068 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 40068 (Smithfield, KY) is $1,300 a month. That is unchanged from FY 2026. Smithfield is in the Shelby County, KY HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 17 ZIP codes in Shelby County, 40068 has the 7th-highest two-bedroom rent (county range $1,010–$1,820). The median county two-bedroom FMR in Kentucky is $925, so ZIP 40068 is 41% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 40068
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,000	$990	−1.0%	$891–$1,089
1BR	$1,080	$1,080	0.0%	$972–$1,188
2BR	$1,300	$1,300	0.0%	$1,170–$1,430
3BR	$1,650	$1,650	0.0%	$1,485–$1,815
4BR	$1,930	$1,910	−1.0%	$1,719–$2,101

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 40068
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$990	$1,080	$1,300	$1,650	$1,910
FY 2026	$1,000	$1,080	$1,300	$1,650	$1,930
FY 2025	$990	$1,080	$1,300	$1,670	$1,930
FY 2024	$920	$1,010	$1,220	$1,590	$1,810
FY 2023	$690	$780	$940	$1,240	$1,430

Two-bedroom rent in nearby Shelby County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 40068
40019	$1,010	−22.3%
40022	$1,150	−11.5%
40023	$1,540	+18.5%
40046	$1,090	−16.2%
40056	$1,560	+20.0%
40057	$1,390	+6.9%
40065	$1,160	−10.8%
40066	$1,150	−11.5%
40067	$1,390	+6.9%
40068Current	$1,300	—
40071	$1,110	−14.6%
40076	$1,150	−11.5%

Questions about ZIP 40068 rents

How much will Section 8 pay for a two-bedroom in ZIP 40068?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,300, that basic range is $1,170 to $1,430 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 40068 in?

ZIP 40068 is in the Shelby County, KY 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 40068 for FY 2027?

The two-bedroom FMR was unchanged at $1,300 in FY 2027. Since FY 2023 it has risen 38.3%.

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 rent Smithfield, KY fair market rent KY statewide rents What is SAFMR?Data sources