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ZIP Code · KY

ZIP 40508

Pop. 23,756·Fayette County·57th most expensive ZIP in Kentucky
Median rent (all units)
$1,288/mo
Year-over-Year
+23.3%
Month-over-Month
-8.6%
vs US Median
-$677
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 40508 · $1,288
More affordable than 87% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$870
1 BR
$1,060
2 BR
$1,250
3 BR
$1,710
4 BR+
$1,910
Research median
$1,250/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
$15,456/yr
At $1,288/mo median
Location
StateKY
CountyFayette County
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (23.3% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+23.3% YoY, -8.6% MoM), not inventory.
Demographics

Who lives here

ZIP 40508 (Lexington, KY) is majority renter-occupied, skews toward younger working-age adults, has a median income below the national average, 36.9% of residents hold a bachelor's degree or higher.

Population
23,756
Median income
$29,440
Median age
23.5
Renters
70.5%
Age distribution
57.3%
12.7%
Under 1810.1%
18–3457.3%
35–5412.7%
55–6410.6%
65+9.2%
Gender
44.6%
55.4%
Male44.6%
Female55.4%
Race & ethnicity
64.4%
19.2%
White64.4%
Black19.2%
Hispanic8.5%
Asian3.2%
Other4.7%
Education (25+)
13.8%
24.1%
25.2%
36.9%
No HS diploma13.8%
HS diploma24.1%
Some college25.2%
Bachelor's+36.9%
Housing tenure
29.5%
70.5%
Owner29.5%
Renter70.5%

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

2021 vs 2026

How ZIP 40508 in Lexington, KY has changed in 5 years

Rent
$885 → $1,288
up 45.5%
Income
$26,924 → $29,440
up 9.3%
Population
26,175 → 23,756
down 9.2%
Renter share
71.7% → 70.5%
-1.2 pts
Bachelor's+
33.8% → 36.9%
+3.1 pts

Across the past five years, the going rent in ZIP 40508 in Lexington, KY has shifted from $885 to $1,288, up 45.5% since 2021. Local incomes tracked alongside that move, going from a median of $26,924 in 2021 to $29,440 more recently. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 40508 in Lexington, KY losing about 2,419 residents over the five-year window, down 9.2% on net. Bachelor's-degree-or-higher attainment moved from 33.8% to 36.9% across the same window. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 40508 in Lexington, KY market of 2021.

Community

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Local insights

Tips for renters in ZIP 40508

About renting in ZIP 40508

Last updated: July 20, 2026

ZIP code 40508 covers Lexington, KY. The median rent here is $1,288/mo as of July 2026. A 1-bedroom rents for a median of $1,060/mo. A 2-bedroom rents for a median of $1,250/mo.

At 53% of local median household income ($29,440/yr), ZIP 40508 ranks as expensive compared to the national benchmark of 30%. Rents have increased 23.3% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 40508?

As of July 20, 2026, the median monthly rent in ZIP 40508 (Lexington, KY) is $1,288. This is based on aggregated data from public sources and community submissions.

How does ZIP 40508 rent compare to the US average?

ZIP 40508's median rent of $1,288/mo is $677 (34%) below the US national median of $1,965/mo.

How does ZIP 40508 compare to other ZIPs in Kentucky?

ZIP 40508 is among the more affordable ZIP codes in Kentucky, ranking #57 out of 83 ZIPs at $1,288/mo.

How much income do you need to rent in ZIP 40508?

To keep rent at or below 30% of gross income, you would need to earn at least $52,000/year (~$25/hour full-time) to afford the median rent of $1,288/mo in ZIP 40508. The local median household income is $29,440/yr, meaning the typical household falls short of that threshold.

Is rent going up or down in ZIP 40508?

Rent in ZIP 40508 has increased 23.3% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 40508 an affordable place to rent?

ZIP 40508 is considered expensive for renters. At $1,288/mo, rent takes approximately 53% of the local median household income ($29,440/yr). The standard benchmark is 30%. ZIP 40508 significantly exceeds that threshold, making it challenging for many renters.

What percentage of ZIP 40508 residents rent vs. own?

According to Census data, approximately 70.5% of ZIP 40508 households are renters, while 29.5% are owner-occupied. With a majority renter population, ZIP 40508 has a strong rental market.

How does ZIP 40508 compare to the rest of Lexington?

ZIP 40508 is more affordable than Lexington overall. At $1,288/mo, it's $263 below the Lexington citywide median of $1,551/mo.

When was rent data for ZIP 40508 last updated?

Rent data for ZIP 40508 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
53%
EXPENSIVE

At $1,288/mo, rent takes ~53% of ZIP 40508's median household income ($29,440/yr). The standard benchmark is 30%.

ZIP 40508 53%Benchmark 30%
State income tax4%
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Schools nearby

Public schools near ZIP 40508 (Lexington, KY)

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