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Rental Insights for ZIP Code 40514 (Lexington, KY)

Housing Rentals in ZIP Code 40514 (Lexington, KY)

40514 ZIP Code in Kentucky

Learn About Housing Rentals in the ZIP Code 40514

ZIP Code 40514 is primarily located in Lexington, KY in Fayette County. The median housing rent in this Kentucky region is estimated at $1,208 per month. About 23.1% of total housing units in this Fayette County ZIP Code are occupied by renters, while the estimated rental vacancy rate is 2.1%.

The median rent in ZIP Code 40514 of $1,208 per month is 58% higher than the aggregate Kentucky median monthly rent of $763, and is 14% higher than the $1,062 the median monthly rent in the U.S. overall. Approximately 68.4% of renters in ZIP Code 40514 pay between $1,000 and $1,499 per month for housing. That is 251% higher than in Kentucky overall, in which 19.5% of total state residents pay between $1,000 and $1,499 per month for housing. Just 4.5% of ZIP Code 40514 renters pay between $2,000 and $2,499 for monthly rent.

ZIP Code 40514 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 40514

See the chart below for a comparison of monthly rental costs in ZIP Code 40514, Kentucky, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 40514 along with those in the state of Kentucky and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 40514

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 40514 Kentucky U.S.
Less than $500 0.0% 17.2% 9.4%
$500 to $999 11.6% 58.9% 36.2%
$1,000 to $1,499 68.4% 19.5% 30.0%
$1,500 to $1,999 15.5% 3.1% 14.0%
$2,000 to $2,499 4.5% 0.7% 5.6%
$2,500 to $2,999 0.0% 0.3% 2.4%
$3,000 or more 0.0% 0.3% 2.4%

Rent Cost vs. Income in ZIP Code 40514

Renters in ZIP Code 40514 use an estimated 25.11% of their income to cover their monthly rent payments. That is about 11% lower than in Kentucky overall. The estimate for Kentucky overall is 28.3% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 40514 renters use about 16% less of their income to cover rent expense. Household income figures for ZIP Code 40514 come in higher than in Kentucky as a whole. The median annual household income in ZIP Code 40514 of $88,506 sits approximately 75% higher than the overall Kentucky median income of $50,589 and approximately 41% higher than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 40514

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 40514, Kentucky, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 40514 along with the same calculations in the state of Kentucky and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 40514

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 40514 Kentucky U.S.
Less than 15.0 percent 19.1% 17.2% 13.1%
15.0 to 19.9 percent 14.7% 13.8% 12.9%
20.0 to 24.9 percent 24.2% 12.9% 12.9%
25.0 to 29.9 percent 11.6% 11.5% 11.6%
30.0 to 34.9 percent 9.7% 8.6% 9.1%
35.0 percent or more 20.8% 36.0% 40.5%

Household Income in ZIP Code 40514

See the table below for the regional comparison of annual household income in ZIP Code 40514.

Income ZIP 40514 Kentucky U.S.
Less than $10,000 1.7% 8.3% 6.0%
$10,000 to $14,999 0.3% 5.8% 4.3%
$15,000 to $24,999 3.8% 11.1% 8.9%
$25,000 to $34,999 5.7% 10.5% 8.9%
$35,000 to $49,999 8.4% 13.8% 12.3%
$50,000 to $74,999 18.9% 17.7% 17.2%
$75,000 to $99,999 19.4% 12.1% 12.7%
$100,000 to $149,999 21.6% 12.5% 15.1%
$150,000 to $199,999 12.4% 4.3% 6.8%
$200,000 or more 7.7% 3.9% 7.7%

Household Income in ZIP Code 40514

See the chart below for a comparison of annual household income figures in ZIP Code 40514, Kentucky, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 40514 alongside the same figures for the state of Kentucky and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 40514

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 40514.

ZIP 40514 Kentucky U.S.
Median Housing Rent $1,208 $763 $1,062
Renter-Occupied Housing Units 23.1% 32.8% 36.0%
Rental Vacancy Rate 2.1% 5.9% 6.0%
Average Size of Renter-Occupied Unit 2.82 2.36 2.49
Average # of Bedrooms Per Unit 3.3 2.78 2.75
Percent of Income Spent on Rent 25.11% 28.3% 29.83%
Per Capita Income $40,152 $28,178 $34,103
Median Household Income $107,813 $70,144 $88,607
Living Below the Poverty Line 1.7% 13.0% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 40514

In ZIP Code 40514 (Lexington, KY), and estimated 23.1% of housing units are occupied by renters. This region has an approximate rental vacany rate of 2.1%.

The per capita income in 40514 is estimated at $40,152, which goes along with an estimated median household income of $107,813. About 1.7% of residents in this Fayette County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 2.82 occupants, while the units have an aggregate average size of 3.3 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 25.11% of their income on housing rental costs.

Rental FAQs for ZIP Code 40514

1

What is the median monthly rent in ZIP Code 40514?

Median rent for housing in ZIP Code 40514 in Fayette County in Kentucky is approximately $1,208 per month.
2

Is it expensive to rent in ZIP Code 40514?

Rent in ZIP Code 40514 is higher than average in the state of Kentucky overall. The median monthly rent of $1,208 in ZIP Code 40514 is approximately 58% higher than the Kentucky median of $763. Additionally, median rent in this Lexington, KY region ($1,208) is about 14% higher than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 40514?

High-priced rentals are not common in the Lexington, KY ZIP Code of 40514, as the region has no rentals costing $3,000 or more per month. In contrast, in the state of Kentucky overall, approximately 0.3% of rentals fall in this upper tier of $3,000 or more per month.
4

Are affordable rentals common in ZIP Code 40514?

Affordable rentals are less common in ZIP Code 40514 than in Kentucky overall. The percentage of housing rentals in ZIP Code 40514 costing $999 or less per month (11.6%) is approximately 85% lower than the Kentucky rate of 76.1% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 75% higher than the previously mentioned 40514 rate of 11.6%.
5

What is the most common cost range that rentals fall into in ZIP Code 40514?

The most common range for rental cost in ZIP Code 40514 is between $1,000 and $1,499 per month. About 68.4% of renters in 40514 pay in this range for monthly rent. In comparison, approximately 19.5% of renters in the state of Kentucky fall in the between $1,000 and $1,499 range, and 30.0% of overall U.S. renters fall in this range.
6

Does ZIP Code 40514 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 40514 is lower than the rental vacancy rate in the state of Kentucky overall. Rental vacancy of 2.1% in ZIP Code 40514 is about 64% lower than the Kentucky rate of 5.9%. Looking more broadly, rental vacancy in this Lexington, KY region (2.1%) is an estimated 65% lower than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 40514? How does it compare to other Kentucky regions?

Median household income in ZIP Code 40514 is higher than in the state of Kentucky overall. Annual household income of $88,506 in ZIP Code 40514 is about 75% higher than the Kentucky median of $50,589. Additionally, median household income in this Lexington, KY region ($88,506) is approximately 41% higher than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 40514 spend on housing costs?

Renters in ZIP Code 40514 spend a lower amount of their income on rent costs than do renters in Kentucky overall. Renters in ZIP Code 40514 spend an estimated 25.11% of their income on rent payments, which is about 11% lower than the overall Kentucky estimated rate of 28.3%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 16% higher than the ZIP Code 40514 estimated rate of 25.11%.
9

Do renters in ZIP Code 40514 typically spend a large portion of their income on rent payments?

It is uncommon for renters in ZIP Code 40514 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 40514 spending 30 percent or more of their income on rent costs (30.5%) is approximately 32% lower than the Kentucky rate of 44.6% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 39% higher than the aforementioned 40514 rate of 30.5%.
10

What is the average household size of renter-occupied units in ZIP Code 40514?

The average household size of renter-occupied units in ZIP Code 40514 is higher than in the state of Kentucky overall. Annual household size of 2.82 in ZIP Code 40514 is about 19% higher than the Kentucky median of 2.36. Additionally, median household size in this Lexington, KY region (2.82) is approximately 13% higher than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Kentucky ZIP Codes