FY2027 Small Area FMR · Frakes, KY
ZIP 40940 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 40940 (Frakes, KY) is $950 a month, up 5.6% from FY2026. That is 5% above the Bell County, KY area-wide FMR of $909.
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 40940 sits in the Bell County, KY area
Of the 13 ZIP codes HUD lists for the area, 40940 has the 3rd highest two-bedroom Small Area FMR. Bell 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 $909 for two bedrooms; an agency that opts in to Small Area FMRs would use $950 for this ZIP code instead.
ZIP code 40940 crosses more than one HUD area. HUD also lists it under Whitley County, KY (same figures). The figure that applies depends on which side of the line the home is.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $680 | $612 – $748 | $633 | $630 |
| 1 bedroom | $790 | $711 – $869 | $787 | $770 |
| 2 bedrooms | $950 | $855 – $1,045 | $909 | $900 |
| 3 bedrooms | $1,180 | $1,062 – $1,298 | $1,133 | $1,140 |
| 4 bedrooms | $1,380 | $1,242 – $1,518 | $1,352 | $1,290 |
A household renting a two-bedroom home at the Small Area FMR of $950 needs about $38,000 a year to keep housing costs at 30% of income. The area median family income is $49,700 and the 80% low-income limit for four people is $57,500. ZIP code 40940 lies mainly in Bell County and Whitley County. See the Bell 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 40940?
HUD's FY2027 Small Area Fair Market Rents for 40940 are $680 (studio), $790 (1 BR), $950 (2 BR), $1,180 (3 BR) and $1,380 (4 BR) a month.
What is the Section 8 payment standard in 40940?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 40940 that range is $855 to $1,045 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 40940?
The FY2026 income limits of the Bell County, KY area apply: median family income $49,700, low-income (80%) limit $57,500 for a family of four.