Shelby County, KY: Fair Market Rent 2027 and Income Limits

Official HUD figures for landlords and renters, effective October 1, 2026 (rents) and May 1, 2026 (income limits).

$1,1492-bedroom FMR, FY2027

$9981-bedroom FMR, FY2027

$83,90080% income limit, family of 4 (FY2026)

$104,900Median family income (FY2026)

The FY2027 Fair Market Rent for a two-bedroom unit in Shelby County is $1,149 a month, up 0.5% from $1,143 in FY2026. Shelby County belongs to the Shelby County, KY HUD Metro FMR Area FMR area, so the same figures apply across that area. FMRs are gross rents: rent plus all tenant-paid utilities except phone, cable and internet.

Fair market rent in Shelby County by bedroom count

Unit size	FY2027 FMR	FY2026 FMR	Change	Payment standard range (90–110%)
Studio	$873	$954	−8.5%	$786 – $960
1 bedroom	$998	$1,027	−2.8%	$899 – $1,097
2 bedrooms	$1,149	$1,143	+0.5%	$1,035 – $1,263
3 bedrooms	$1,369	$1,417	−3.4%	$1,233 – $1,505
4 bedrooms	$1,692	$1,697	−0.3%	$1,523 – $1,861

Source: HUD Fair Market Rents FY2027 (effective October 1, 2026) and FY2026 (revised file), details.

What can a landlord charge a Section 8 tenant here?

The FMR is not a cap on what you can ask on the open market. For a Housing Choice Voucher tenant, the local housing authority sets a payment standard, normally between 90% and 110% of the FMR (or of the ZIP-level Small Area FMR where those apply). For a two-bedroom unit in Shelby County that is typically $1,035 to $1,263 including utilities. You can charge more than the payment standard if the rent passes the housing authority's rent-reasonableness test and, at move-in, the tenant's share stays within 40% of their adjusted monthly income. Ask the housing authority for its current payment standard schedule.

Can local renters afford the fair market rent?

$44,399median income of renter households

$1,033Median gross rent, all units

28%Rent-to-income ratio (median rent ÷ median renter income)

39%of renter households pay 30% or more of income on rent

At the 30% rule, a renter household earning the local median of $44,399 can afford about $1,110 a month including utilities. The FY2027 two-bedroom Fair Market Rent of $1,149 is $39 (3.5%) more than that. To rent a two-bedroom at the FMR, a household needs $45,960 a year under the 30% rule, or $41,364 under the common landlord rule that income must be three times the rent.

Shelby County, ACS 2020–2024	Estimate ± MOE
Median gross rent (rent + utilities)	$1,033 ±$49
Median income of renter households	$44,399 ±$8,849
Renters paying 30% or more of income (cost-burdened)	39.4% ±8.5
Renters paying 50% or more (severely cost-burdened)	17.8% ±7.3
Renter households (where the share can be computed)	4,272

Change since 2015–2019

	ACS 2015–2019	ACS 2020–2024	Change
Median gross rent	$849	$1,033	+21.7%
Median renter household income	$38,086	$44,399	+16.6%
Renters paying 30%+ of income	41.4%	39.4%	−2.0 pts

Rent-to-income calculator: does an applicant qualify? → · Most affordable counties to rent in this state →

Source: U.S. Census Bureau, American Community Survey 5-Year Estimates 2020–2024 and 2015–2019 (tables B25064, B25119, B25070). ± = margin of error at 90% confidence. Dollar figures are not adjusted for inflation.

Small Area FMRs by ZIP code (FY2027)

In metro areas HUD also publishes ZIP-level Small Area Fair Market Rents. Housing authorities in designated areas must use them for voucher payment standards; others may opt in. Here the two-bedroom SAFMR ranges from $1,010 to $1,820 depending on the ZIP code.

All 17 ZIP codes in this FMR area

ZIP	0 BR	1 BR	2 BR	3 BR	4 BR
40003	$940	$1,020	$1,210	$1,500	$1,840
40014	$1,040	$1,130	$1,360	$1,740	$2,000
40019	$780	$850	$1,010	$1,300	$1,500
40022	$870	$990	$1,150	$1,390	$1,690
40023	$1,160	$1,260	$1,540	$1,980	$2,290
40046	$810	$910	$1,090	$1,370	$1,600
40056	$1,190	$1,290	$1,560	$1,990	$2,290
40057	$1,060	$1,170	$1,390	$1,740	$2,040
40065	$880	$1,010	$1,160	$1,380	$1,710
40066	$870	$1,000	$1,150	$1,370	$1,690
40067	$1,060	$1,180	$1,390	$1,720	$2,050
40068	$990	$1,080	$1,300	$1,650	$1,910
40071	$850	$920	$1,110	$1,420	$1,630
40076	$840	$1,000	$1,150	$1,410	$1,700
40245	$1,390	$1,520	$1,820	$2,320	$2,680
40342	$860	$1,020	$1,120	$1,380	$1,570
40601	$820	$940	$1,180	$1,510	$1,870

Source: HUD FY2027 Small Area FMRs (effective October 1, 2026).

HUD income limits for Shelby County (FY2026)

Income limits decide who qualifies for Section 8 vouchers, public housing and most HUD-assisted units. The area median family income is $104,900 (FY2025: $105,800, −0.9%). Small figures under each limit show the change from FY2025.

Household size	1 person	2 people	3 people	4 people	5 people	6 people	7 people	8 people
Extremely low income (30%)	$22,050 −0.9%	$25,200 −0.8%	$28,350 −0.9%	$33,000 +2.6%	$38,680 +2.7%	$44,360 +2.8%	$50,040 +2.9%	$55,720 +2.9%
Very low income (50%)	$36,750 −0.8%	$42,000 −0.8%	$47,250 −0.8%	$52,450 −0.9%	$56,650 −0.9%	$60,850 −0.9%	$65,050 −0.8%	$69,250 −0.9%
Low income (80%)	$58,750 −0.9%	$67,150 −0.9%	$75,550 −0.9%	$83,900 −0.9%	$90,650 −0.9%	$97,350 −0.9%	$104,050 −0.9%	$110,750 −0.9%

The 30% limit is HUD's “extremely low income” limit: the higher of 30% of median income or the federal poverty guideline, but never above the 50% limit. That is why it can rise faster than 30% of median for larger households. Tax-credit (LIHTC) properties use separate Multifamily Tax Subsidy Project limits.

Source: HUD Section 8 Income Limits FY2026 (effective May 1, 2026) and FY2025, details.