FMR is near market; voucher and private rents are aligned.
0.92
1 BR
1 BR
0.88ratio
FMR$910
Market$1,030
vs market-$120
FMR is below market; voucher rent may lag private rents.
0.88
2 BR
2 BR
0.97ratio
FMR$1,150
Market$1,180
vs market-$30
FMR is near market; voucher and private rents are aligned.
0.97
3 BR
3 BR
0.83ratio
FMR$1,470
Market$1,770
vs market-$300
FMR is below market; voucher rent may lag private rents.
0.83
4 BR
4 BR
0.96ratio
FMR$1,820
Market$1,890
vs market-$70
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
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ZIP 40621 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 40621 (Frankfort, KY) is $1,150 a month. That is up 6.5% from $1,080 in FY 2026. Frankfort is in the Franklin 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 $1,145. Among 8 ZIP codes in Franklin County, 40621 is tied for the 5th-highest two-bedroom rent (county range $1,150–$1,290). The median county two-bedroom FMR in Kentucky is $925, so ZIP 40621 is 24% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 40621
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$740
$800
+8.1%
$720–$880
1BR
$860
$910
+5.8%
$819–$1,001
2BR
$1,080
$1,150
+6.5%
$1,035–$1,265
3BR
$1,410
$1,470
+4.3%
$1,323–$1,617
4BR
$1,680
$1,820
+8.3%
$1,638–$2,002
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 40621
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$800
$910
$1,150
$1,470
$1,820
FY 2026
$740
$860
$1,080
$1,410
$1,680
FY 2025
$740
$840
$1,060
$1,390
$1,660
FY 2024area FMR
$731
$831
$1,042
$1,373
$1,687
FY 2023area FMR
$638
$732
$909
$1,209
$1,505
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Franklin County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 40621?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,145, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,031 to $1,260 a month; under the ZIP-level Small Area FMR of $1,150 it would be $1,035 to $1,265. 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 40621 in?
ZIP 40621 is in the Franklin County, KY non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,145.
How much did fair market rent change in ZIP 40621 for FY 2027?
The two-bedroom FMR rose 6.5%, from $1,080 in FY 2026 to $1,150 in FY 2027. Since FY 2025 it has risen 8.5%.
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