How much is a home worth in ZIP code 40502?

The typical home in 40502 is worth $564,651, based on the Zillow Home Value Index.

Are home values rising in 40502?

Home values in 40502 are up 5.0% over the past year, and up 7.0% a year over five years.

What is the typical rent in 40502?

A typical home in 40502 rents for about $1,393 a month, a gross rental yield of 3.0%.

What is the property tax rate in 40502?

The effective property tax rate in 40502 is 0.8% — roughly $4,641 a year on a typical home.

ZIP code 40502 has a population of 26,122 and a median household income of $76,948.

HousingHandbookReference data

…

U.S. ZIP Code · KY40502

Fayette County · Lexington-Fayette, KY

Typical home value

$564,651^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +5.0%
5-year / yr: +7.0%
10-year / yr: +5.9%

Relative price

vs U.S.: +98.8%
vs metro: +66.0%
vs state: +239.8%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 40502 is worth $564,651 — 66.0% above the Lexington-Fayette, KY median. Over the past year, values have risen 5.0%. Homes here rent for a typical $1,393 a month — a 3.0% gross rental yield. The effective property tax rate is 0.8%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,393^[2]
Gross yield: 3.0%^[2]
Cap rate: 1.8%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 0.8%^[3]
Typical annual tax: $4,641^[3]

#Climate risk

FEMA National Risk Index ratings for Fayette County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively Moderate^[4]
Riverine flood: Relatively Moderate
Coastal flood: Not Applicable
Wildfire: Very Low
Drought: Very Low
Heat wave: Relatively Moderate
Hurricane: Very Low
Tornado: Relatively High
Earthquake: Relatively Moderate
Winter weather: Relatively High

#Who lives here

Population: 26,122^[3]
Median household income: $76,948^[3]

#Migration

Household moves in and out of Fayette County over a year, from IRS tax-return data.

Net migration: -575^[5]
Moved in: 8,921
Moved out: 9,496

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 9
Elementary: 6
Middle: 1
High: 2

Henry Clay High School
High · Grades 9–12 · Fayette County
1,990 students
Cassidy Elementary School
Elementary · Grades K–5 · Fayette County
645 students
Morton Middle School
Middle · Grades 6–8 · Fayette County
641 students
Madeline M Breckinridge Elem School
Elementary · Grades PK–5 · Fayette County
557 students
Julius Marks Elementary School
Elementary · Grades PK–5 · Fayette County
479 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield3.0%

Net yield (after ~40% expenses)1.8%

Annual rent$16,718

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$2,855

Loan principal$451,721

Down payment$112,930

Total interest paid$576,145

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio2.66

Monthly cost to own$3,712

Monthly rent$1,393

Renting is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 70th percentile^[1]
Rental yield: 0th percentile^[2]
Property tax: 74th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 40502?: The typical home in 40502 is worth $564,651, based on the Zillow Home Value Index.
Are home values rising in 40502?: Home values in 40502 are up 5.0% over the past year, and up 7.0% a year over five years.
What is the typical rent in 40502?: A typical home in 40502 rents for about $1,393 a month, a gross rental yield of 3.0%.
What is the property tax rate in 40502?: The effective property tax rate in 40502 is 0.8% — roughly $4,641 a year on a typical home.
Who lives in 40502?: ZIP code 40502 has a population of 26,122 and a median household income of $76,948.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

40513 vs 40502 →
Lexington-Fayette urban county, KY
Typical home
$573,516
Gross yield
—
40509 vs 40502 →
Lexington-Fayette urban county, KY
Typical home
$403,064
Gross yield
4.7%
40507
Lexington-Fayette urban county, KY
Typical home
$388,411
Gross yield
—
40515
Lexington-Fayette urban county, KY
Typical home
$383,860
Gross yield
4.7%
40510
Lexington-Fayette urban county, KY
Typical home
$756,111
Gross yield
—
40514
Lexington-Fayette urban county, KY
Typical home
$373,172
Gross yield
6.2%

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#Jump to section

U.S. ZIP Code · KY40502

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