ZIP 40502
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Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).
12-month history
Last updated: October 17, 2026
What the numbers show
March. Asking rents in ZIP 40502 usually run 1.1% below trend in March and 1.3% above it in September, about $38 a month apart at today's median. Based on 8 years of data.
Rent in ZIP 40502 is at its highest level since Zillow's records here began in November 2017.
Rent in ZIP 40502 changed +6.0% over the year to September 2026. Across the 63 Kentucky ZIP codes Zillow tracks, the typical change was +3.3%.
From 2019 to 2024, rent in ZIP 40502 rose 43.9% while median household income rose 6.5% ($72,236 to $76,948). Rent outpaced income.
Rent in ZIP 40502 is 61.1% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 4 months in a row, and rose in 9 of the last 12 months.
30% of the median household income ($76,948) is $1,924 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($1,920).
7th cheapest of 11 ZIP codes in Lexington.
ZIP 40517, 2 miles away, rents for 13% less ($1,383/mo), about $2,400 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 40502. 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.
Who lives here
ZIP 40502 (Lexington, KY) is majority owner-occupied, has a large retiree population, 68% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 40502 in Lexington, KY has changed in 5 years
Rent in ZIP 40502 in Lexington, KY has climbed 51.7% since 2021, going from about $1,043 per month to roughly $1,582 today. Household income in the area moved from $67,778 to $76,948 across the same window, up 13.5% versus 2021. Rent outpaced income growth by roughly 38.2 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 26,996 to 26,122 between 2021 and 2024, a 3.2% change. About 40.3% of households rent today, against 41.9% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 65.1% to 68%. Reading these numbers side by side helps frame whether current listings in ZIP 40502 in Lexington, KY look reasonable against where the market sat half a decade ago.
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Tips for renters in ZIP 40502
Last updated: October 17, 2026
ZIP code 40502 covers Lexington, KY. The median rent here is $1,582/mo as of October 2026. A 1-bedroom rents for a median of $1,070/mo. A 2-bedroom rents for a median of $1,260/mo.
At 25% of local median household income ($76,948/yr), ZIP 40502 ranks as affordable compared to the national benchmark of 30%. Rents have increased 6.0% over the past year.
Frequently asked questions
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How does ZIP 40502 compare to other ZIPs in Kentucky?
How does ZIP 40502 compare to the rest of Lexington?
At $1,582/mo, rent takes ~25% of ZIP 40502's median household income ($76,948/yr). The standard benchmark is 30%.
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