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ZIP Code · KY

ZIP 40503

Pop. 27,451·Fayette County·25th most expensive ZIP in Kentucky
Median rent (all units)
$1,551/mo
Year-over-Year
-4.0%
Month-over-Month
-1.6%
vs US Median
-$414
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 40503 · $1,551
More affordable than 70% of US ZIP codes · National median $1,965/mo
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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

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Last updated: July 20, 2026

Annual cost
$18,612/yr
At $1,551/mo median
Location
StateKY
CountyFayette County
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 4.0% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (-4.0% YoY, -1.6% 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
$1,030 → $1,551
up 50.6%
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 $521 per month, settling near $1,551 after starting the period at $1,030. Median household income grew from $67,269 to $76,482 between 2021 and 2024, a 13.7% shift. Rent outpaced income growth by roughly 36.9 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.

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Local insights

Tips for renters in ZIP 40503

About renting in ZIP 40503

Last updated: July 20, 2026

ZIP code 40503 covers Lexington, KY. The median rent here is $1,551/mo as of July 2026. A 1-bedroom rents for a median of $1,240/mo. A 2-bedroom rents for a median of $1,460/mo.

At 24% of local median household income ($76,482/yr), ZIP 40503 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 4.0% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 40503?

As of July 20, 2026, the median monthly rent in ZIP 40503 (Lexington, KY) is $1,551. This is based on aggregated data from public sources and community submissions.

How does ZIP 40503 rent compare to the US average?

ZIP 40503's median rent of $1,551/mo is $414 (21%) below the US national median of $1,965/mo.

How does ZIP 40503 compare to other ZIPs in Kentucky?

ZIP 40503 is one of the pricier ZIP codes in Kentucky, ranking #25 out of 83 ZIPs tracked at $1,551/mo.

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 $62,000/year (~$30/hour full-time) to afford the median rent of $1,551/mo in ZIP 40503. The local median household income is $76,482/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 40503?

Rent in ZIP 40503 has decreased 4.0% over the past year as of July 20, 2026, offering some relief compared to 12 months ago.

Is ZIP 40503 an affordable place to rent?

ZIP 40503 is considered very affordable for renters. At $1,551/mo, rent takes approximately 24% of the local median household income ($76,482/yr). The standard benchmark is 30%. ZIP 40503 falls comfortably within that range.

What percentage of ZIP 40503 residents rent vs. own?

According to Census data, approximately 38.3% of ZIP 40503 households are renters, while 61.7% are owner-occupied. ZIP 40503 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 40503 compare to the rest of Lexington?

ZIP 40503 sits right at the Lexington citywide median of $1,551/mo.

When was rent data for ZIP 40503 last updated?

Rent data for ZIP 40503 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
24%
VERY AFFORDABLE

At $1,551/mo, rent takes ~24% of ZIP 40503's median household income ($76,482/yr). The standard benchmark is 30%.

ZIP 40503 24%Benchmark 30%
State income tax4%
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Schools nearby

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