FY2027 Small Area FMR · Richmond, KY
ZIP 40476 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 40476 (Richmond, KY) is $990 a month, up 10.0% from FY2026. That is 0% equal to the Madison County, KY area-wide FMR of $993.
Payment standard range, 2 bedrooms
Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.
FY2027 FY2026
Where 40476 sits in the Madison County, KY area
Of the 8 ZIP codes HUD lists for the area, 40476 has the 2nd highest two-bedroom Small Area FMR. Madison County, 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 $993 for two bedrooms; an agency that opts in to Small Area FMRs would use $990 for this ZIP code instead.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $690 | $621 – $759 | $691 | $670 |
| 1 bedroom | $860 | $774 – $946 | $859 | $780 |
| 2 bedrooms | $990 | $891 – $1,089 | $993 | $900 |
| 3 bedrooms | $1,370 | $1,233 – $1,507 | $1,375 | $1,250 |
| 4 bedrooms | $1,600 | $1,440 – $1,760 | $1,600 | $1,410 |
A household renting a two-bedroom home at the Small Area FMR of $990 needs about $39,600 a year to keep housing costs at 30% of income. The area median family income is $85,800 and the 80% low-income limit for four people is $68,650. ZIP code 40476 lies mainly in Madison County. See the Madison County, KY county page for the full income limits table and the household check.
Nearby ZIP codes
Questions
What is the Fair Market Rent for ZIP code 40476?
HUD's FY2027 Small Area Fair Market Rents for 40476 are $690 (studio), $860 (1 BR), $990 (2 BR), $1,370 (3 BR) and $1,600 (4 BR) a month.
What is the Section 8 payment standard in 40476?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 40476 that range is $891 to $1,089 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 40476?
The FY2026 income limits of the Madison County, KY area apply: median family income $85,800, low-income (80%) limit $68,650 for a family of four.