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ZIP Code · KY

ZIP 40502

Pop. 26,122·Fayette County·40th most expensive ZIP in Kentucky
Median rent (all units)
$1,412/mo
Year-over-Year
+7.5%
Month-over-Month
+1.4%
vs US Median
-$553
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 40502 · $1,412
More affordable than 80% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$870
1 BR
$1,070
2 BR
$1,260
3 BR
$1,730
4 BR+
$1,920
Research median
$1,260/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
$16,944/yr
At $1,412/mo median
Location
StateKY
CountyFayette County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 7.5% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+7.5% YoY, +1.4% MoM), not inventory.
Demographics

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.

Population
26,122
Median income
$76,948
Median age
41.1
Renters
40.3%
Age distribution
16.6%
26.3%
21.6%
23.5%
Under 1816.6%
18–3426.3%
35–5421.6%
55–6412%
65+23.5%
Gender
50.6%
49.4%
Male50.6%
Female49.4%
Race & ethnicity
87.3%
White87.3%
Black3.5%
Hispanic3.8%
Asian3.8%
Other1.6%
Education (25+)
18.6%
68%
No HS diploma3.4%
HS diploma10%
Some college18.6%
Bachelor's+68%
Housing tenure
59.7%
40.3%
Owner59.7%
Renter40.3%

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

2021 vs 2026

How ZIP 40502 in Lexington, KY has changed in 5 years

Rent
$919 → $1,412
up 53.6%
Income
$67,778 → $76,948
up 13.5%
Population
26,996 → 26,122
down 3.2%
Renter share
41.9% → 40.3%
-1.6 pts
Bachelor's+
65.1% → 68%
+2.9 pts
Median age
38.6 → 41.1
+2.5 yrs

Rent in ZIP 40502 in Lexington, KY has climbed 53.6% since 2021, going from about $919 per month to roughly $1,412 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 40.1 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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Local insights

Tips for renters in ZIP 40502

About renting in ZIP 40502

Last updated: July 20, 2026

ZIP code 40502 covers Lexington, KY. The median rent here is $1,412/mo as of July 2026. A 1-bedroom rents for a median of $1,070/mo. A 2-bedroom rents for a median of $1,260/mo.

At 22% of local median household income ($76,948/yr), ZIP 40502 ranks as affordable compared to the national benchmark of 30%. Rents have increased 7.5% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 40502?

As of July 20, 2026, the median monthly rent in ZIP 40502 (Lexington, KY) is $1,412. This is based on aggregated data from public sources and community submissions.

How does ZIP 40502 rent compare to the US average?

ZIP 40502's median rent of $1,412/mo is $553 (28%) below the US national median of $1,965/mo.

How does ZIP 40502 compare to other ZIPs in Kentucky?

ZIP 40502 falls in the middle range for Kentucky, ranking #40 out of 83 ZIPs at $1,412/mo.

How much income do you need to rent in ZIP 40502?

To keep rent at or below 30% of gross income, you would need to earn at least $56,000/year (~$27/hour full-time) to afford the median rent of $1,412/mo in ZIP 40502. The local median household income is $76,948/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 40502?

Rent in ZIP 40502 has increased 7.5% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 40502 an affordable place to rent?

ZIP 40502 is considered very affordable for renters. At $1,412/mo, rent takes approximately 22% of the local median household income ($76,948/yr). The standard benchmark is 30%. ZIP 40502 falls comfortably within that range.

What percentage of ZIP 40502 residents rent vs. own?

According to Census data, approximately 40.3% of ZIP 40502 households are renters, while 59.7% are owner-occupied. ZIP 40502 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 40502 compare to the rest of Lexington?

ZIP 40502 is more affordable than Lexington overall. At $1,412/mo, it's $139 below the Lexington citywide median of $1,551/mo.

When was rent data for ZIP 40502 last updated?

Rent data for ZIP 40502 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
22%
VERY AFFORDABLE

At $1,412/mo, rent takes ~22% of ZIP 40502's median household income ($76,948/yr). The standard benchmark is 30%.

ZIP 40502 22%Benchmark 30%
State income tax4%
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Schools nearby

Public schools near ZIP 40502 (Lexington, KY)

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