ZIP Code · KY

ZIP 40503

Part of Lexington, KY

Pop. 27,451·Fayette County·4th most expensive ZIP in Kentucky

Median rent (all units)

$2,038/mo

Year-over-Year

+5.1%

Month-over-Month

+1.5%

vs US Median

+$106

Reported rents

Rising (Monthly)

Be the first to discuss 40503 rents ↓

Most AffordableMost Expensive

ZIP 40503 · $2,038

More expensive than 63% of US ZIP codes · National median $1,932/mo

Rent check

Is your rent fair?

Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,010

1 BR

$1,240

2 BR

$1,460

3 BR

$2,000

4 BR+

$2,230

Research median

$1,460/mo

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

Rent trends

12-month history

Loading…

Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

March. Asking rents in ZIP 40503 usually run 1.1% below trend in March and 0.9% above it in December, about $41 a month apart at today's median. Based on 9 years of data.

Compared with the peak

Rent in ZIP 40503 is at its highest level since Zillow's records here began in March 2017.

Past year vs. the rest of Kentucky

Rent in ZIP 40503 changed +5.1% over the year to September 2026. Across the 63 Kentucky ZIP codes Zillow tracks, the typical change was +3.3%.

Rent vs. income since 2019

From 2019 to 2024, rent in ZIP 40503 rose 53.4% while median household income rose 18.8% ($64,363 to $76,482). Rent outpaced income.

Since before the pandemic

Rent in ZIP 40503 is 63.7% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has risen 2 months in a row, and rose in 9 of the last 12 months.

What a typical income covers

30% of the median household income ($76,482) is $1,912 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,460); a 3-bedroom is $2,000.

Rank in Lexington

11th cheapest of 11 ZIP codes in Lexington.

Cheaper nearby

ZIP 40502, 3 miles away, rents for 22% less ($1,582/mo), about $5,500 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 40503. 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

$24,456/yr

At $2,038/mo median

Location

CityLexington

StateKY

CountyFayette County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 5.1% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+5.1% YoY, +1.5% MoM), not inventory.

Demographics

Who lives here

ZIP 40503 (Lexington, KY) is majority owner-occupied, 56.4% of residents hold a bachelor's degree or higher.

Population

27,451

Median income

$76,482

Median age

37.2

Renters

38.3%

Age distribution

18%

29.2%

24%

17.1%

Under 1818%

18–3429.2%

35–5424%

55–6411.8%

65+17.1%

Gender

49.1%

50.9%

Male49.1%

Female50.9%

Race & ethnicity

81.4%

White81.4%

Black2.1%

Hispanic6.8%

Asian6.4%

Other3.3%

Education (25+)

14.8%

24.3%

56.4%

No HS diploma4.5%

HS diploma14.8%

Some college24.3%

Bachelor's+56.4%

Housing tenure

61.7%

38.3%

Owner61.7%

Renter38.3%

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

2021 vs 2026

How ZIP 40503 in Lexington, KY has changed in 5 years

Rent

$1,357 → $2,038

up 50.2%

Income

$67,269 → $76,482

up 13.7%

Population

28,738 → 27,451

down 4.5%

Renter share

36.1% → 38.3%

+2.2 pts

Bachelor's+

54.9% → 56.4%

+1.5 pts

Compared with 2021, rent in ZIP 40503 in Lexington, KY has climbed by $681 per month, settling near $2,038 after starting the period at $1,357. Median household income grew from $67,269 to $76,482 between 2021 and 2024, a 13.7% shift. Rent outpaced income growth by roughly 36.5 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 28,738 to 27,451 between 2021 and 2024, a 4.5% change. About 38.3% of households rent today, against 36.1% in 2021. Taken together, the five-year picture in ZIP 40503 in Lexington, 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.

Community

Discussions about ZIP 40503

No discussions yet. Start the conversation.

Local insights

Tips for renters in ZIP 40503

About renting in ZIP 40503

Last updated: October 17, 2026

ZIP code 40503 covers Lexington, KY. The median rent here is $2,038/mo as of October 2026. A 1-bedroom rents for a median of $1,240/mo. A 2-bedroom rents for a median of $1,460/mo.

At 32% of local median household income ($76,482/yr), ZIP 40503 ranks as moderate compared to the national benchmark of 30%. Rents have increased 5.1% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 40503?

To keep rent at or below 30% of gross income, you would need to earn at least $82,000/year (about $39/hour full-time) to afford the median rent of $2,038/mo in ZIP 40503. The local median household income is $76,482/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 40503?

Rent in ZIP 40503 has risen 5.1% over the past year as of September 2026. That is the highest level since Zillow's records here began in March 2017.

When is the cheapest time to rent in ZIP 40503?

Asking rents in ZIP 40503 are usually lowest in March, about 1.1% below their yearly trend, and highest in December, about 0.9% above it. At today's median that is a gap of roughly $41 a month. This pattern comes from 9 years of Zillow rent data.

Has rent outpaced income in ZIP 40503?

Yes. From 2019 to 2024, rent in ZIP 40503 rose 53.4% while median household income rose 18.8%, from $64,363 to $76,482. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 40503 compare to other ZIPs in Kentucky?

ZIP 40503 is one of the pricier among Kentucky ZIP codes for rent, ranking #4 of 78 at $2,038/mo. Over the year to September 2026, rent in ZIP 40503 changed +5.1%, against a typical +3.3% across the 63 Kentucky ZIP codes Zillow tracks.