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Jefferson County/Louisville/40203

40203

ZIPSAFMR
Jefferson County, KY
Zillow

ZIP Investment Score

122Above average

095130300
BRFMR
Eff. Rent
0 BR$790$620
1 BR$850$930
2 BR$1,030$1,000
3 BR$1,310$1,230
4 BR$1,510$1,500
5 BR$1,736Not available
6 BR$1,997Not available
7 BR$2,297Not available
8 BR$2,641Not available

Purchase Price Calculator

Maximum purchase price
$86,683

Cost breakdown

+Likely effective rent$1,000
HUD FMR$1,030
Market rentUsed$1,000
Est. payment standard (98%)$1,010
-Principal and interest-$438
Loan amount$69,346
Down payment$17,337
Rate6.50%
Term30 years
-Operating costs-$362
Property taxes-$87
Insurance-$175
Utilities$0
HOA$0
Management-$100
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$16,350(94.3% ROI)
Projected value
$93,348
Return breakdown
Property appreciation+$6,665
Loan principal paid down+$2,485
Rental cash flow+$7,200
5-year hold
+$27,821(160.5% ROI)
Projected value
$98,074
Return breakdown
Property appreciation+$11,391
Loan principal paid down+$4,431
Rental cash flow+$12,000
10-year hold
+$58,836(339.4% ROI)
Projected value
$110,962
Return breakdown
Property appreciation+$24,279
Loan principal paid down+$10,557
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.27
1 BR
0.87
2 BR
1.03
3 BR
1.07
4 BR
1.01
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 40203 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 40203 (Louisville, KY) is $1,030 a month. That is down 6.4% from $1,100 in FY 2026. Louisville 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, 40203 has the 60th-highest two-bedroom rent (county range $1,010–$1,910). The median county two-bedroom FMR in Kentucky is $925, so ZIP 40203 is 11% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 40203
BedroomsFY 2027Change90–110% range
Studio$790−6.0%$711–$869
1BR$850−6.6%$765–$935
2BR$1,030−6.4%$927–$1,133
3BR$1,310−7.1%$1,179–$1,441
4BR$1,510−7.4%$1,359–$1,661

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 40203
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$790$850$1,030$1,310$1,510
FY 2026$840$910$1,100$1,410$1,630
FY 2025$880$970$1,180$1,540$1,760
FY 2024$790$870$1,050$1,370$1,580
FY 2023$640$720$870$1,160$1,330

Two-bedroom rent in nearby Jefferson County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 40203
40201$1,300+26.2%
40202$1,400+35.9%
40203Current$1,030—
40204$1,430+38.8%
40205$1,340+30.1%
40206$1,440+39.8%
40207$1,550+50.5%
40208$1,090+5.8%
40209$1,130+9.7%
40210$1,130+9.7%
40211$1,110+7.8%
40212$1,140+10.7%

Questions about ZIP 40203 rents

How much will Section 8 pay for a two-bedroom in ZIP 40203?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,030, that basic range is $927 to $1,133 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 40203 in?

ZIP 40203 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 40203 for FY 2027?

The two-bedroom FMR fell 6.4%, from $1,100 in FY 2026 to $1,030 in FY 2027. Since FY 2023 it has risen 18.4%.

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