Kentucky · FIPS 21151 · HUD FY 2027
Madison County, Kentucky Fair Market Rent
HUD’s FY 2027 Fair Market Rent for a 2-bedroom in Madison County is $993 a month (rent plus utilities), 14% below the Kentucky average of $1,155 and 44% below the U.S. average of $1,761. That is up $89 (9.8%) from FY 2026. At 30% of income, a household needs about $39,720 a year to afford it.
- $9932-bedroom FMR+$89 (+9.8%) vs FY 2026
- $8591-bedroom FMRKentucky: $946 · U.S.: $1,478
- $39,720Income for a 2-bedroom$19/hour full-time
- 49 of 1202BR rank in Kentucky1 = highest rent
| Unit | Madison County FY 2027 | FY 2026 | Change | Kentucky avg | U.S. avg | Income needed |
|---|---|---|---|---|---|---|
| Studio | $691 | $666 | +$25 (+3.8%) | $854 | $1,379 | $27,640 |
| 1 bedroom | $859 | $785 | +$74 (+9.4%) | $946 | $1,478 | $34,360 |
| 2 bedrooms | $993 | $904 | +$89 (+9.8%) | $1,155 | $1,761 | $39,720 |
| 3 bedrooms | $1,375 | $1,257 | +$118 (+9.4%) | $1,500 | $2,266 | $55,000 |
| 4 bedrooms | $1,600 | $1,416 | +$184 (+13.0%) | $1,708 | $2,607 | $64,000 |
How Madison County compares
- Madison County is a non-metro county, so HUD sets one Fair Market Rent for the whole county.
- Across Kentucky, 2-bedroom FMRs run from $909 (Wolfe County) to $1,442 (Boone County).
- Studio to 4-bedroom: $691, $859, $993, $1,375, $1,600. HUD derives the other sizes from the 2-bedroom figure with fixed ratios, adjusted where local data warrant.
- HUD also publishes ZIP-level Small Area FMRs. For the 4 ZIP codes mostly in Madison County (by land area), the 2-bedroom figure ranges from $940 to $1,030.
Small Area FMRs by ZIP code in Madison County
| ZIP | Studio | 1BR | 2BR | 3BR | 4BR | 2BR vs FY 2026 | 2BR vs area FMR |
|---|---|---|---|---|---|---|---|
| 40385 | $690 | $860 | $980 | $1,320 | $1,540 | +$60 (+6.5%) | 1% below |
| 40403 | $660 | $820 | $940 | $1,300 | $1,500 | +$60 (+6.8%) | 5% below |
| 40404 | $660 | $820 | $940 | $1,300 | $1,500 | +$60 (+6.8%) | 5% below |
| 40475 | $720 | $890 | $1,030 | $1,430 | $1,660 | +$80 (+8.4%) | 4% above |
Sources
- U.S. Department of Housing and Urban Development, HUD User Fair Market Rents: FY 2027 FMRs (file dated August 26, 2026) and FY 2026 FMRs (file dated April 21, 2026).
- HUD User Small Area Fair Market Rents: FY 2027 SAFMRs (file dated August 31, 2026) and FY 2026 SAFMRs (file dated April 21, 2026).
- ZIP-to-county assignment: Census Bureau 2020 ZCTA-to-county relationship file (file dated December 9, 2021), largest land-area overlap.
Fair Market Rents are HUD’s estimate of gross rent (rent plus utilities) for a modest unit, set at the 40th percentile of recent-mover rents. FY 2027 is HUD’s fiscal year beginning October 1, 2026. Housing authorities set voucher payment standards from these figures; check yours.