FMR is below market; voucher rent may lag private rents.
0.88
1 BR
1 BR
0.99ratio
FMR$860
Market$870
vs market-$10
FMR is near market; voucher and private rents are aligned.
0.99
2 BR
2 BR
0.70ratio
FMR$990
Market$1,420
vs market-$430
FMR is below market; voucher rent may lag private rents.
0.70
3 BR
3 BR
0.69ratio
FMR$1,370
Market$1,990
vs market-$620
FMR is below market; voucher rent may lag private rents.
0.69
4 BR
4 BR
0.69ratio
FMR$1,600
Market$2,320
vs market-$720
FMR is below market; voucher rent may lag private rents.
0.69
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
--
ZIP 40476 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 40476 (Richmond, KY) is $990 a month. That is up 10.0% from $900 in FY 2026. Richmond is in the Madison 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 $993. Among 8 ZIP codes in Madison County, 40476 is tied for the 2nd-highest two-bedroom rent (county range $910–$1,030). The median county two-bedroom FMR in Kentucky is $925, so ZIP 40476 is 7% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 40476
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$670
$690
+3.0%
$621–$759
1BR
$780
$860
+10.3%
$774–$946
2BR
$900
$990
+10.0%
$891–$1,089
3BR
$1,250
$1,370
+9.6%
$1,233–$1,507
4BR
$1,410
$1,600
+13.5%
$1,440–$1,760
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 40476
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$690
$860
$990
$1,370
$1,600
FY 2026
$670
$780
$900
$1,250
$1,410
FY 2025
$740
$820
$940
$1,320
$1,400
FY 2024area FMR
$750
$794
$914
$1,288
$1,301
FY 2023area FMR
$641
$650
$783
$1,055
$1,059
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Madison County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 40476?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $993, which applies unless the housing authority uses Small Area FMRs, that basic range is $894 to $1,092 a month; under the ZIP-level Small Area FMR of $990 it would be $891 to $1,089. 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 40476 in?
ZIP 40476 is in the Madison County, KY non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $993.
How much did fair market rent change in ZIP 40476 for FY 2027?
The two-bedroom FMR rose 10.0%, from $900 in FY 2026 to $990 in FY 2027. Since FY 2025 it has risen 5.3%.
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