FY2027 Small Area FMR · Louisville, KY

ZIP 40228 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 40228 (Louisville, KY) is $1,580 a month, down 1.2% from FY2026. That is 24% above the Louisville, KY-IN area-wide FMR of $1,276.

2-bedroom SAFMR$1,580per month ▼ 1.2%

Area-wide 2 BR FMR$1,276Louisville, KY-IN

Rank in the area7thof 130 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,422

2 BR Small Area FMR$1,580

110% of SAFMR$1,738

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$1,210▼ 0.8%

1 BR$1,310▼ 0.8%

2 BR$1,580▼ 1.2%

3 BR$2,020▼ 1.0%

4 BR$2,320▼ 2.5%

FY2027 FY2026

Where 40228 sits in the Louisville, KY-IN area

Of the 130 ZIP codes HUD lists for the area, 40228 has the 7th highest two-bedroom Small Area FMR. Louisville, KY-IN is one of the 65 metro areas where HUD requires Small Area FMRs for the Housing Choice Voucher program (designated 2023), so local housing agencies must set payment standards from this ZIP code's figure, normally between $1,422 and $1,738 for two bedrooms.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$1,210	$1,089 – $1,331	$976	$1,220
1 bedroom	$1,310	$1,179 – $1,441	$1,058	$1,320
2 bedrooms	$1,580	$1,422 – $1,738	$1,276	$1,600
3 bedrooms	$2,020	$1,818 – $2,222	$1,629	$2,040
4 bedrooms	$2,320	$2,088 – $2,552	$1,874	$2,380

A household renting a two-bedroom home at the Small Area FMR of $1,580 needs about $63,200 a year to keep housing costs at 30% of income. The area median family income is $99,000 and the 80% low-income limit for four people is $79,200. ZIP code 40228 lies mainly in Jefferson County. See the Louisville, KY-IN metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
40291	Louisville	2.3 mi	$1,340
40219	Louisville	3.3 mi	$1,230
40229	Louisville	3.4 mi	$1,480
40218	Louisville	4.1 mi	$1,320
40221	Louisville	4.7 mi	$1,300
40231	Louisville	5.6 mi	$1,300

Questions

What is the Fair Market Rent for ZIP code 40228?

HUD's FY2027 Small Area Fair Market Rents for 40228 are $1,210 (studio), $1,310 (1 BR), $1,580 (2 BR), $2,020 (3 BR) and $2,320 (4 BR) a month.

What is the Section 8 payment standard in 40228?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 40228 that range is $1,422 to $1,738 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 40228?

The FY2026 income limits of the Louisville, KY-IN area apply: median family income $99,000, low-income (80%) limit $79,200 for a family of four.