ZIP Code · KY

ZIP 40475

Part of Richmond, KY

Pop. 65,961·Madison County·69th most expensive ZIP in Kentucky

Median rent (all units)

$1,109/mo

Year-over-Year

+1.8%

Month-over-Month

+0.5%

vs US Median

-$823

Reported rents

Stable (Monthly)

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ZIP 40475 · $1,109

More affordable than 95% of US ZIP codes · National median $1,932/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: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

January. Asking rents in ZIP 40475 usually run 0.5% below trend in January and 0.8% above it in October, about $14 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 40475 is at its highest level since Zillow's records here began in March 2021.

Past year vs. the rest of Kentucky

Rent in ZIP 40475 changed +1.8% over the year to September 2026. Across the 63 Kentucky ZIP codes Zillow tracks, the typical change was +3.3%.

Recent direction

Rent rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($63,050) is $1,576 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($1,490).

From Zillow's monthly rent index (ZORI) for ZIP 40475. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$13,308/yr

At $1,109/mo median

Location

CityRichmond

StateKY

CountyMadison County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (1.8% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+1.8% YoY, +0.5% 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

$806 → $1,109

up 37.6%

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 $303 per month, settling near $1,109 after starting the period at $806. Median household income grew from $55,762 to $63,050 between 2021 and 2024, a 13.1% shift. Rent outpaced income growth by roughly 24.5 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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About renting in ZIP 40475

Last updated: October 17, 2026

ZIP code 40475 covers Richmond, KY. The median rent here is $1,109/mo as of October 2026. A 1-bedroom rents for a median of $820/mo. A 2-bedroom rents for a median of $950/mo.

At 21% of local median household income ($63,050/yr), ZIP 40475 ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.8% over the past year.

FAQ

Frequently asked questions

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 $44,000/year (about $21/hour full-time) to afford the median rent of $1,109/mo in ZIP 40475. The local median household income is $63,050/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 40475?

Rent in ZIP 40475 has risen 1.8% over the past year as of September 2026. That is the highest level since Zillow's records here began in March 2021.

When is the cheapest time to rent in ZIP 40475?

Asking rents in ZIP 40475 are usually lowest in January, about 0.5% below their yearly trend, and highest in October, about 0.8% above it. At today's median that is a gap of roughly $14 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 40475 compare to other ZIPs in Kentucky?

ZIP 40475 is one of the more affordable among Kentucky ZIP codes for rent, ranking #69 of 78 at $1,109/mo. Over the year to September 2026, rent in ZIP 40475 changed +1.8%, against a typical +3.3% across the 63 Kentucky ZIP codes Zillow tracks.