FMR is near market; voucher and private rents are aligned.
0.92
1 BR
1 BR
0.88ratio
FMR$909
Market$1,030
vs market-$121
FMR is below market; voucher rent may lag private rents.
0.88
2 BR
2 BR
0.97ratio
FMR$1,145
Market$1,180
vs market-$35
FMR is near market; voucher and private rents are aligned.
0.97
3 BR
3 BR
0.83ratio
FMR$1,466
Market$1,770
vs market-$304
FMR is below market; voucher rent may lag private rents.
0.83
4 BR
4 BR
0.96ratio
FMR$1,811
Market$1,890
vs market-$79
FMR is near market; voucher and private rents are aligned.
0.96
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 40620 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 40620 (Frankfort, KY) is $1,145 a month. That is up 5.7% from $1,083 in FY 2026. Frankfort is in the Franklin County, KY non-metropolitan FMR area. One county-wide FMR applies to every ZIP code in it. The median county two-bedroom FMR in Kentucky is $925, so ZIP 40620 is 24% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 40620
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$747
$797
+6.7%
$717–$877
1BR
$859
$909
+5.8%
$818–$1,000
2BR
$1,083
$1,145
+5.7%
$1,031–$1,260
3BR
$1,410
$1,466
+4.0%
$1,319–$1,613
4BR
$1,680
$1,811
+7.8%
$1,630–$1,992
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 40620
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$797
$909
$1,145
$1,466
$1,811
FY 2026
$747
$859
$1,083
$1,410
$1,680
FY 2025
$741
$839
$1,064
$1,397
$1,670
FY 2024
$731
$831
$1,042
$1,373
$1,687
FY 2023
$638
$732
$909
$1,209
$1,505
Questions about ZIP 40620 rents
How much will Section 8 pay for a two-bedroom in ZIP 40620?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,145, that basic range is $1,031 to $1,260 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 40620 in?
ZIP 40620 is in the Franklin County, KY non-metropolitan FMR area.
How much did fair market rent change in ZIP 40620 for FY 2027?
The two-bedroom FMR rose 5.7%, from $1,083 in FY 2026 to $1,145 in FY 2027. Since FY 2023 it has risen 26.0%.
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 Fair Market Rents. 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