Boone County/Independence/41051

41051

ZIPSAFMR

Boone County, KY

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ZIP Investment Score

126Above average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,200	$1,320	7.7%
1 BR	$1,290	$1,410	6.1%
2 BR	$1,650	$1,810	5.4%
3 BR	$2,170	$2,160	5.1%
4 BR	$2,450	$2,370	5.6%
5 BR	$2,818	Not available	5.6%
6 BR	$3,240	Not available	5.6%
7 BR	$3,726	Not available	5.6%
8 BR	$4,285	Not available	5.6%

Purchase Price Calculator

Maximum purchase price

$207,049

Cost breakdown

+Likely effective rent$1,810

HUD FMR$1,650

Market rent$1,900

Est. payment standard (110%)Used$1,810

-Principal and interest-$1,047

Loan amount$165,639

Down payment$41,410

Rate6.50%

Term30 years

-Operating costs-$563

Property taxes-$207

Insurance-$175

Utilities$0

HOA$0

Management-$181

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$29,055(70.2% ROI)

Projected value

$222,969

Return breakdown

Property appreciation+$15,920

Loan principal paid down+$5,934

Rental cash flow+$7,200

5-year hold

+$49,791(120.2% ROI)

Projected value

$234,257

Return breakdown

Property appreciation+$27,208

Loan principal paid down+$10,583

Rental cash flow+$12,000

10-year hold

+$107,208(258.9% ROI)

Projected value

$265,040

Return breakdown

Property appreciation+$57,991

Loan principal paid down+$25,217

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.83ratio

FMR$1,200

Market$1,450

vs market-$250

FMR is below market; voucher rent may lag private rents.

0.83

1 BR

0.87ratio

FMR$1,290

Market$1,480

vs market-$190

FMR is below market; voucher rent may lag private rents.

0.87

2 BR

0.87ratio

FMR$1,650

Market$1,900

vs market-$250

FMR is below market; voucher rent may lag private rents.

0.87

3 BR

1.00ratio

FMR$2,170

Market$2,160

vs market+$10

FMR is near market; voucher and private rents are aligned.

1.00

4 BR

1.03ratio

FMR$2,450

Market$2,370

vs market+$80

FMR is near market; voucher and private rents are aligned.

1.03

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 41051 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 41051 (Independence, KY) is $1,650 a month. That is up 6.5% from $1,550 in FY 2026. Independence is in the Cincinnati, OH-KY-IN HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 12 ZIP codes in Boone County, 41051 has the 8th-highest two-bedroom rent (county range $1,200–$2,160). The median county two-bedroom FMR in Kentucky is $925, so ZIP 41051 is 78% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 41051
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,100	$1,200	+9.1%	$1,080–$1,320
1BR	$1,200	$1,290	+7.5%	$1,161–$1,419
2BR	$1,550	$1,650	+6.5%	$1,485–$1,815
3BR	$2,050	$2,170	+5.9%	$1,953–$2,387
4BR	$2,260	$2,450	+8.4%	$2,205–$2,695

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 41051
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,200	$1,290	$1,650	$2,170	$2,450
FY 2026	$1,100	$1,200	$1,550	$2,050	$2,260
FY 2025	$1,030	$1,160	$1,500	$1,990	$2,200
FY 2024	$960	$1,080	$1,410	$1,870	$2,080
FY 2023	$880	$1,010	$1,310	$1,750	$1,970

Two-bedroom rent in nearby Boone County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 41051
41005	$1,840	+11.5%
41018	$1,380	−16.4%
41022	$1,680	+1.8%
41025	$1,680	+1.8%
41030	$1,200	−27.3%
41042	$1,730	+4.8%
41048	$1,830	+10.9%
41051Current	$1,650	—
41080	$1,840	+11.5%
41091	$2,160	+30.9%
41092	$1,330	−19.4%
41094	$1,580	−4.2%

Questions about ZIP 41051 rents

How much will Section 8 pay for a two-bedroom in ZIP 41051?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,650, that basic range is $1,485 to $1,815 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 41051 in?

ZIP 41051 is in the Cincinnati, OH-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 41051 for FY 2027?

The two-bedroom FMR rose 6.5%, from $1,550 in FY 2026 to $1,650 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 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 rent Independence, KY fair market rent KY statewide rents What is SAFMR?Data sources