HUD Fair Market Rent · FY 2027 · Effective Oct 1, 2026 to Sep 30, 2027
Fair Market Rent in Bourbon County, Kentucky (FY 2027)
$1,416 a month. That's HUD's FY 2027 Fair Market Rent for a two-bedroom in Bourbon County, and it's the baseline every voucher in Bourbon is measured against.
Two-bedroom FMR
$1,416
+11.3% from FY 2026
Payment standard
$1,274–$1,558
90% to 110% of the FMR, two-bedroom
Income to afford
$56,640
a year, with rent at 30% of income
Rank in Kentucky
7th of 120
by two-bedroom FMR, highest first
FY 2027 Fair Market Rents
Payment standard is the 90% to 110% band a housing authority can set. Income needed puts rent at 30% of gross income, and the hourly wage assumes a 40-hour week.
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2026 |
|---|---|---|---|---|---|
| Studio | $986 | $887–$1,085 | $39,440 | $18.96/hr | +11.7% |
| 1 bedroom | $1,205 | $1,085–$1,326 | $48,200 | $23.17/hr | +11.7% |
| 2 bedroom | $1,416 | $1,274–$1,558 | $56,640 | $27.23/hr | +11.3% |
| 3 bedroom | $1,948 | $1,753–$2,143 | $77,920 | $37.46/hr | +11.8% |
| 4 bedroom | $2,108 | $1,897–$2,319 | $84,320 | $40.54/hr | +8.7% |
Five to eight bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $2,424 | $2,182–$2,666 |
| 6 bedroom Estimate | $2,740 | $2,466–$3,014 |
| 7 bedroom Estimate | $3,057 | $2,751–$3,363 |
| 8 bedroom Estimate | $3,373 | $3,036–$3,710 |
Source: HUD Office of Policy Development and Research, FY 2027 Fair Market Rents. Rents include utilities. huduser.gov
Market check
HUD's number is one input. What does a two-bedroom in Bourbon actually rent for?
Search any address in Bourbon for a rent estimate built from nearby comps, with the HUD figure right next to it.
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What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Bourbon somewhere between $1,274 and $1,558. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$1,416 a month is affordable, by HUD's 30% rule, on an income of roughly $56,640 a year. Put another way, $27 an hour full time.
Worked example for a two-bedroom renting at the payment standard. The tenant pays 30% of monthly income and the voucher covers the rest.
| Monthly household income | Tenant pays (30%) | Voucher pays at 90%$1,274 | Voucher pays at 100%$1,416 | Voucher pays at 110%$1,558 |
|---|---|---|---|---|
| $2,500 | $750 | $524 | $666 | $808 |
| $4,000 | $1,200 | $74 | $216 | $358 |
Rate history
The two-bedroom rate went up 11% from FY 2026 ($1,272) to FY 2027 ($1,416). Since FY 2020 it's up 65% in total, about 7.4% a year. The Kentucky median moved up 3% over the same year.
| Fiscal year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $597 | $678 | $858 | $1,189 | $1,496 | — |
| FY 2021 | $630 | $728 | $910 | $1,256 | $1,531 | +6.1% |
| FY 2022 | $632 | $741 | $912 | $1,256 | $1,496 | +0.2% |
| FY 2023 | $706 | $845 | $1,025 | $1,396 | $1,615 | +12.4% |
| FY 2024 | $802 | $983 | $1,177 | $1,599 | $1,807 | +14.8% |
| FY 2025 | $799 | $982 | $1,165 | $1,583 | $1,781 | -1.0% |
| FY 2026 | $883 | $1,079 | $1,272 | $1,743 | $1,940 | +9.2% |
| FY 2027In effect | $986 | $1,205 | $1,416 | $1,948 | $2,108 | +11.3% |
About this rate
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2027 that's October 1, 2026 through September 30, 2027. In Bourbon, that runs from $986 for a studio up to $2,108 for four bedrooms, all five rates in the table above.
This is a metro rate. The county doesn't get one of its own. HUD lumps Bourbon in with 5 other counties in the Lexington-Fayette metro, Fayette County, Scott County, Jessamine County among them, and every one of them gets $1,416 for a two-bedroom. Where you are inside the metro doesn't change the county number. It does change the ZIP number, covered below.
Among Kentucky's 120 counties, Bourbon ranks 7th for two-bedroom FMR. That's about 53% above the state median of $925 and about 33% above the national median county at $1,063. About 20,240 people live here, 56th in the state.
Rates by ZIP code
HUD also publishes Small Area FMRs by ZIP code. For the 3 ZIP codes it covers in Bourbon, the two-bedroom rate is $1,150 across the board, so there's no ZIP-level story here.
Counties sharing the Lexington-Fayette metro rate
HUD sets one rate for the whole metro, so every county here carries the same $1,416 two-bedroom figure as Bourbon.
Nearby counties
Two-bedroom FMR, with how each compares to Bourbon.
Nicholas County
14 mi · 7,708 people
$909
-36%
Clark County
16 mi · 37,192 people
$1,416
same rate
Harrison County
18 mi · 19,140 people
$909
-36%
Fayette County
21 mi · 323,725 people
$1,416
same rate
Montgomery County
23 mi · 28,395 people
$1,004
-29%
Robertson County
23 mi · 2,283 people
$909
-36%
Scott County
23 mi · 59,536 people
$1,416
same rate
Bath County
25 mi · 12,851 people
$909
-36%
Questions people ask
$1,416 a month for FY 2027, which runs October 1, 2026 through September 30, 2027. The other rates are $986 for a studio, $1,205 for one bedroom, $1,948 for three and $2,108 for four.
Tools for this county
Fair Market Rent lookup
Any ZIP code's Small Area FMR by bedroom count
Section 8 rent calculator
Payment standard and tenant share for a specific rent
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords
Rent affordability calculator
The income a household needs for a given rent
What does a rental in Bourbon actually go for?
HUD's number is one input. Search any address in Bourbon for a rent estimate built from nearby comps. Free to start, no card.
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