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ZIP Code · KY

ZIP 40475

Part of Richmond, KY
Pop. 65,961·Madison County·65th most expensive ZIP in Kentucky
Median rent (all units)
$1,188/mo
Year-over-Year
+22.0%
Month-over-Month
+1.6%
vs US Median
-$777
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 40475 · $1,188
More affordable than 92% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$690
1 BR
$820
2 BR
$950
3 BR
$1,320
4 BR+
$1,490
Research median
$950/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$14,256/yr
At $1,188/mo median
Location
StateKY
CountyMadison County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 22.0% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+22.0% YoY, +1.6% MoM), not inventory.
Demographics

Who lives here

ZIP 40475 (Richmond, KY) is majority owner-occupied, skews toward younger working-age adults, has a median income below the national average, 37.4% of residents hold a bachelor's degree or higher.

Population
65,961
Median income
$63,050
Median age
33.7
Renters
42.1%
Age distribution
19.7%
31.7%
23.4%
14.7%
Under 1819.7%
18–3431.7%
35–5423.4%
55–6410.5%
65+14.7%
Gender
49%
51%
Male49%
Female51%
Race & ethnicity
88%
White88%
Black4.7%
Hispanic3.3%
Asian1.1%
Other2.9%
Education (25+)
27.5%
27.6%
37.4%
No HS diploma7.5%
HS diploma27.5%
Some college27.6%
Bachelor's+37.4%
Housing tenure
57.9%
42.1%
Owner57.9%
Renter42.1%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 40475 in Richmond, KY has changed in 5 years

Rent
$773 → $1,188
up 53.7%
Income
$55,762 → $63,050
up 13.1%
Population
63,835 → 65,961
up 3.3%
Renter share
42.1% → 42.1%
+0.0 pts
Bachelor's+
36.9% → 37.4%
+0.5 pts

Compared with 2021, rent in ZIP 40475 in Richmond, KY has increased by $415 per month, settling near $1,188 after starting the period at $773. Median household income grew from $55,762 to $63,050 between 2021 and 2024, a 13.1% shift. Rent outpaced income growth by roughly 40.6 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 63,835 to 65,961 between 2021 and 2024, a 3.3% change. Taken together, the five-year picture in ZIP 40475 in Richmond, KY reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

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Local insights

Tips for renters in ZIP 40475

About renting in ZIP 40475

Last updated: July 20, 2026

ZIP code 40475 covers Richmond, KY. The median rent here is $1,188/mo as of July 2026. A 1-bedroom rents for a median of $820/mo. A 2-bedroom rents for a median of $950/mo.

At 23% of local median household income ($63,050/yr), ZIP 40475 ranks as affordable compared to the national benchmark of 30%. Rents have increased 22.0% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 40475?

As of July 20, 2026, the median monthly rent in ZIP 40475 (Richmond, KY) is $1,188. This is based on aggregated data from public sources and community submissions.

How does ZIP 40475 rent compare to the US average?

ZIP 40475's median rent of $1,188/mo is $777 (40%) below the US national median of $1,965/mo.

How does ZIP 40475 compare to other ZIPs in Kentucky?

ZIP 40475 is among the more affordable ZIP codes in Kentucky, ranking #65 out of 83 ZIPs at $1,188/mo.

How much income do you need to rent in ZIP 40475?

To keep rent at or below 30% of gross income, you would need to earn at least $48,000/year (~$23/hour full-time) to afford the median rent of $1,188/mo in ZIP 40475. The local median household income is $63,050/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 40475?

Rent in ZIP 40475 has increased 22.0% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 40475 an affordable place to rent?

ZIP 40475 is considered very affordable for renters. At $1,188/mo, rent takes approximately 23% of the local median household income ($63,050/yr). The standard benchmark is 30%. ZIP 40475 falls comfortably within that range.

What percentage of ZIP 40475 residents rent vs. own?

According to Census data, approximately 42.1% of ZIP 40475 households are renters, while 57.9% are owner-occupied. ZIP 40475 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 40475 compare to the rest of Richmond?

ZIP 40475 sits right at the Richmond citywide median of $1,188/mo.

When was rent data for ZIP 40475 last updated?

Rent data for ZIP 40475 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
23%
VERY AFFORDABLE

At $1,188/mo, rent takes ~23% of ZIP 40475's median household income ($63,050/yr). The standard benchmark is 30%.

ZIP 40475 23%Benchmark 30%
State income tax4%
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Schools nearby

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