FMR is near market; voucher and private rents are aligned.
0.94
1 BR
1 BR
0.91ratio
FMR$940
Market$1,030
vs market-$90
FMR is near market; voucher and private rents are aligned.
0.91
2 BR
2 BR
1.00ratio
FMR$1,180
Market$1,180
vs market+$0
FMR is near market; voucher and private rents are aligned.
1.00
3 BR
3 BR
0.86ratio
FMR$1,510
Market$1,750
vs market-$240
FMR is below market; voucher rent may lag private rents.
0.86
4 BR
4 BR
0.99ratio
FMR$1,870
Market$1,890
vs market-$20
FMR is near market; voucher and private rents are aligned.
0.99
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 40601 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 40601 (Frankfort, KY) is $1,180 a month. That is up 8.3% from $1,090 in FY 2026. Frankfort is in the Lexington-Fayette, KY MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 7 ZIP codes in Woodford County, 40601 has the 6th-highest two-bedroom rent (county range $1,150–$1,800). The median county two-bedroom FMR in Kentucky is $925, so ZIP 40601 is 28% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 40601
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$800
$820
+2.5%
$738–$902
1BR
$880
$940
+6.8%
$846–$1,034
2BR
$1,090
$1,180
+8.3%
$1,062–$1,298
3BR
$1,420
$1,510
+6.3%
$1,359–$1,661
4BR
$1,690
$1,870
+10.7%
$1,683–$2,057
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 40601
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$820
$940
$1,180
$1,510
$1,870
FY 2026
$800
$880
$1,090
$1,420
$1,690
FY 2025
$880
$970
$1,180
$1,540
$1,760
FY 2024
$800
$930
$1,110
$1,460
$1,620
FY 2023
$660
$750
$930
$1,230
$1,430
Two-bedroom rent in nearby Woodford County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 40601?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,180, that basic range is $1,062 to $1,298 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 40601 in?
ZIP 40601 is in the Lexington-Fayette, KY MSA. 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 40601 for FY 2027?
The two-bedroom FMR rose 8.3%, from $1,090 in FY 2026 to $1,180 in FY 2027. Since FY 2023 it has risen 26.9%.
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