FY2027 Small Area FMR · Millersburg, KY

ZIP 40348 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 40348 (Millersburg, KY) is $1,150 a month, up 9.5% from FY2026. That is 19% below the Lexington-Fayette, KY area-wide FMR of $1,416.

2-bedroom SAFMR$1,150per month ▲ 9.5%

Area-wide 2 BR FMR$1,416Lexington-Fayette, KY

Rank in the area48thof 57 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,035

2 BR Small Area FMR$1,150

110% of SAFMR$1,265

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

Studio$800▲ 11.1%

1 BR$980▲ 10.1%

2 BR$1,150▲ 9.5%

3 BR$1,570▲ 9.8%

4 BR$1,750▲ 8.7%

FY2027 FY2026

Where 40348 sits in the Lexington-Fayette, KY area

Of the 57 ZIP codes HUD lists for the area, 40348 has the 48th highest two-bedroom Small Area FMR. Lexington-Fayette, KY is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,416 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,150 for this ZIP code instead.

ZIP code 40348 crosses more than one HUD area. HUD also lists it under Nicholas County, KY (same figures). The figure that applies depends on which side of the line the home is.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$800	$720 – $880	$986	$720
1 bedroom	$980	$882 – $1,078	$1,205	$890
2 bedrooms	$1,150	$1,035 – $1,265	$1,416	$1,050
3 bedrooms	$1,570	$1,413 – $1,727	$1,948	$1,430
4 bedrooms	$1,750	$1,575 – $1,925	$2,108	$1,610

A household renting a two-bedroom home at the Small Area FMR of $1,150 needs about $46,000 a year to keep housing costs at 30% of income. The area median family income is $102,100 and the 80% low-income limit for four people is $81,700. ZIP code 40348 lies mainly in Bourbon County. See the Lexington-Fayette, KY metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
40361	Paris	7.7 mi	$1,150
40311	Carlisle	7.8 mi	$1,150
40357	North Middletown	9.9 mi	$1,150
41031	Cynthiana	12.4 mi	$1,150
40374	Sharpsburg	13.3 mi	$1,150
40350	Moorefield	13.9 mi	$920

Questions

What is the Fair Market Rent for ZIP code 40348?

HUD's FY2027 Small Area Fair Market Rents for 40348 are $800 (studio), $980 (1 BR), $1,150 (2 BR), $1,570 (3 BR) and $1,750 (4 BR) a month.

What is the Section 8 payment standard in 40348?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 40348 that range is $1,035 to $1,265 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 40348?

The FY2026 income limits of the Lexington-Fayette, KY area apply: median family income $102,100, low-income (80%) limit $81,700 for a family of four.