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Rental Insights for ZIP Code 40031 (La Grange, KY)

Housing Rentals in ZIP Code 40031 (La Grange, KY)

40031 ZIP Code in Kentucky

Learn About Housing Rentals in the ZIP Code 40031

ZIP Code 40031 is primarily located in La Grange, KY in Oldham County. The median housing rent in this Kentucky region is estimated at $834 per month. About 24.5% of housing units in this Oldham County ZIP Code are occupied by renters, while the region has an approximate rental vacancy rate of 2.0%.

The median rent in ZIP Code 40031 of $834 per month is 9% higher than the aggregate Kentucky median monthly rent of $763, and is 21% lower than the $1,062 the median monthly rent in the U.S. overall. An estimated 56.7% of renters in ZIP Code 40031 pay between $500 and $999 per month for housing. That is 4% lower than in Kentucky overall, in which 58.9% of total state residents pay between $500 and $999 per month for housing. Just 2.0% of renters in this La Grange, KY region pay between $2,000 and $2,499 per month for rent.

ZIP Code 40031 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 40031

See the chart below for a comparison of monthly rental costs in ZIP Code 40031, Kentucky, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 40031 along with those in the state of Kentucky and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 40031

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 40031 Kentucky U.S.
Less than $500 8.5% 17.2% 9.4%
$500 to $999 56.7% 58.9% 36.2%
$1,000 to $1,499 27.3% 19.5% 30.0%
$1,500 to $1,999 5.4% 3.1% 14.0%
$2,000 to $2,499 2.0% 0.7% 5.6%
$2,500 to $2,999 0.0% 0.3% 2.4%
$3,000 or more 0.0% 0.3% 2.4%

Rent Cost vs. Income in ZIP Code 40031

Renters in ZIP Code 40031 use an estimated 25.7% of their income to cover their monthly rent payments. That is about 9% lower than in Kentucky overall. The estimate for Kentucky overall is 28.3% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 40031 renters use about 14% less of their income to cover rent expense. Household income figures for ZIP Code 40031 come in higher than in Kentucky as a whole. The median annual household income in ZIP Code 40031 of $74,381 sits approximately 47% higher than the overall Kentucky median income of $50,589 and approximately 18% higher than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 40031

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 40031, Kentucky, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 40031 along with the same calculations in the state of Kentucky and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 40031

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 40031 Kentucky U.S.
Less than 15.0 percent 26.4% 17.2% 13.1%
15.0 to 19.9 percent 10.8% 13.8% 12.9%
20.0 to 24.9 percent 12.1% 12.9% 12.9%
25.0 to 29.9 percent 15.1% 11.5% 11.6%
30.0 to 34.9 percent 7.9% 8.6% 9.1%
35.0 percent or more 27.6% 36.0% 40.5%

Household Income in ZIP Code 40031

See the table below for the regional comparison of annual household income in ZIP Code 40031.

Income ZIP 40031 Kentucky U.S.
Less than $10,000 4.2% 8.3% 6.0%
$10,000 to $14,999 3.4% 5.8% 4.3%
$15,000 to $24,999 7.8% 11.1% 8.9%
$25,000 to $34,999 7.5% 10.5% 8.9%
$35,000 to $49,999 10.8% 13.8% 12.3%
$50,000 to $74,999 16.6% 17.7% 17.2%
$75,000 to $99,999 14.7% 12.1% 12.7%
$100,000 to $149,999 19.6% 12.5% 15.1%
$150,000 to $199,999 9.4% 4.3% 6.8%
$200,000 or more 5.9% 3.9% 7.7%

Household Income in ZIP Code 40031

See the chart below for a comparison of annual household income figures in ZIP Code 40031, Kentucky, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 40031 alongside the same figures for the state of Kentucky and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 40031

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 40031.

ZIP 40031 Kentucky U.S.
Median Housing Rent $834 $763 $1,062
Renter-Occupied Housing Units 24.5% 32.8% 36.0%
Rental Vacancy Rate 2.0% 5.9% 6.0%
Average Size of Renter-Occupied Unit 2.29 2.36 2.49
Average # of Bedrooms Per Unit 3.21 2.78 2.75
Percent of Income Spent on Rent 25.7% 28.3% 29.83%
Per Capita Income $29,371 $28,178 $34,103
Median Household Income $89,070 $70,144 $88,607
Living Below the Poverty Line 9.0% 13.0% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 40031

In ZIP Code 40031 (La Grange, KY), and estimated 24.5% of housing units are occupied by renters. This region has an approximate rental vacany rate of 2.0%.

The per capita income in 40031 is estimated at $29,371, which goes along with an estimated median household income of $89,070. About 9.0% of residents in this Oldham County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 2.29 occupants, while the units have an aggregate average size of 3.21 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 25.7% of their income on housing rental costs.

Rental FAQs for ZIP Code 40031

1

What is the median monthly rent in ZIP Code 40031?

Median rent for housing in ZIP Code 40031 in Oldham County in Kentucky is approximately $834 per month.
2

Is it expensive to rent in ZIP Code 40031?

Rent in ZIP Code 40031 is higher than average in the state of Kentucky overall. The median monthly rent of $834 in ZIP Code 40031 is approximately 9% higher than the Kentucky median of $763. Additionally, median rent in this La Grange, KY region ($834) is about 21% lower than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 40031?

High-priced rentals are not common in the La Grange, KY ZIP Code of 40031, as the region has no rentals costing $3,000 or more per month. In contrast, in the state of Kentucky overall, approximately 0.3% of rentals fall in this upper tier of $3,000 or more per month.
4

Are affordable rentals common in ZIP Code 40031?

Affordable rentals are less common in ZIP Code 40031 than in Kentucky overall. The percentage of housing rentals in ZIP Code 40031 costing $999 or less per month (65.2%) is approximately 14% lower than the Kentucky rate of 76.1% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 43% lower than the previously mentioned 40031 rate of 65.2%.
5

What is the most common cost range that rentals fall into in ZIP Code 40031?

The most common range for rental cost in ZIP Code 40031 is between $500 and $999 per month. About 56.7% of renters in 40031 pay in this range for monthly rent. In comparison, approximately 58.9% of renters in the state of Kentucky fall in the between $500 and $999 range, and 36.2% of overall U.S. renters fall in this range.
6

Does ZIP Code 40031 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 40031 is lower than the rental vacancy rate in the state of Kentucky overall. Rental vacancy of 2.0% in ZIP Code 40031 is about 66% lower than the Kentucky rate of 5.9%. Looking more broadly, rental vacancy in this La Grange, KY region (2.0%) is an estimated 67% lower than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 40031? How does it compare to other Kentucky regions?

Median household income in ZIP Code 40031 is higher than in the state of Kentucky overall. Annual household income of $74,381 in ZIP Code 40031 is about 47% higher than the Kentucky median of $50,589. Additionally, median household income in this La Grange, KY region ($74,381) is approximately 18% higher than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 40031 spend on housing costs?

Renters in ZIP Code 40031 spend a lower amount of their income on rent costs than do renters in Kentucky overall. Renters in ZIP Code 40031 spend an estimated 25.7% of their income on rent payments, which is about 9% lower than the overall Kentucky estimated rate of 28.3%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 14% higher than the ZIP Code 40031 estimated rate of 25.7%.
9

Do renters in ZIP Code 40031 typically spend a large portion of their income on rent payments?

It is uncommon for renters in ZIP Code 40031 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 40031 spending 30 percent or more of their income on rent costs (35.5%) is approximately 20% lower than the Kentucky rate of 44.6% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 28% higher than the aforementioned 40031 rate of 35.5%.
10

What is the average household size of renter-occupied units in ZIP Code 40031?

The average household size of renter-occupied units in ZIP Code 40031 is lower than in the state of Kentucky overall. Annual household size of 2.29 in ZIP Code 40031 is about 3% lower than the Kentucky median of 2.36. Additionally, median household size in this La Grange, KY region (2.29) is approximately 8% lower than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Kentucky ZIP Codes