Indiana · FIPS 18047 · HUD FY 2027
Franklin County, Indiana Fair Market Rent
HUD’s FY 2027 Fair Market Rent for a 2-bedroom in Franklin County is $1,148 a month (rent plus utilities), 12% below the Indiana average of $1,302 and 35% below the U.S. average of $1,761. That is up $31 (2.8%) from FY 2026. At 30% of income, a household needs about $45,920 a year to afford it.
- $1,1482-bedroom FMR+$31 (+2.8%) vs FY 2026
- $9501-bedroom FMRIndiana: $1,082 · U.S.: $1,478
- $45,920Income for a 2-bedroom$22/hour full-time
- 35 of 922BR rank in Indiana1 = highest rent
| Unit | Franklin County FY 2027 | FY 2026 | Change | Indiana avg | U.S. avg | Income needed |
|---|---|---|---|---|---|---|
| Studio | $841 | $796 | +$45 (+5.7%) | $1,005 | $1,379 | $33,640 |
| 1 bedroom | $950 | $861 | +$89 (+10.3%) | $1,082 | $1,478 | $38,000 |
| 2 bedrooms | $1,148 | $1,117 | +$31 (+2.8%) | $1,302 | $1,761 | $45,920 |
| 3 bedrooms | $1,503 | $1,473 | +$30 (+2.0%) | $1,642 | $2,266 | $60,120 |
| 4 bedrooms | $1,509 | $1,479 | +$30 (+2.0%) | $1,904 | $2,607 | $60,360 |
How Franklin County compares
- HUD sets this rent for the Franklin County, IN metro FMR area, which covers 23,020 residents in 1 county.
- Across Indiana, 2-bedroom FMRs run from $1,014 (Wayne County) to $1,536 (Boone County).
- Studio to 4-bedroom: $841, $950, $1,148, $1,503, $1,509. HUD derives the other sizes from the 2-bedroom figure with fixed ratios, adjusted where local data warrant.
- HUD also publishes ZIP-level Small Area FMRs. For the 7 ZIP codes mostly in Franklin County (by land area), the 2-bedroom figure ranges from $1,010 to $1,320.
Small Area FMRs by ZIP code in Franklin County
| ZIP | Studio | 1BR | 2BR | 3BR | 4BR | 2BR vs FY 2026 | 2BR vs area FMR |
|---|---|---|---|---|---|---|---|
| 47010 | $830 | $890 | $1,120 | $1,440 | $1,540 | +$50 (+4.7%) | 2% below |
| 47012 | $780 | $880 | $1,070 | $1,400 | $1,420 | +$40 (+3.9%) | 7% below |
| 47016 | $740 | $840 | $1,010 | $1,340 | $1,340 | −$90 (−8.2%) | 12% below |
| 47024 | $970 | $1,090 | $1,320 | $1,730 | $1,730 | −$10 (−0.8%) | 15% above |
| 47030 | $870 | $970 | $1,180 | $1,550 | $1,560 | +$20 (+1.7%) | 3% above |
| 47035 | $900 | $980 | $1,230 | $1,620 | $1,760 | no change | 7% above |
| 47036 | $860 | $980 | $1,180 | $1,540 | $1,550 | −$30 (−2.5%) | 3% above |
Sources
- U.S. Department of Housing and Urban Development, HUD User Fair Market Rents: FY 2027 FMRs (file dated August 26, 2026) and FY 2026 FMRs (file dated April 21, 2026).
- HUD User Small Area Fair Market Rents: FY 2027 SAFMRs (file dated August 31, 2026) and FY 2026 SAFMRs (file dated April 21, 2026).
- ZIP-to-county assignment: Census Bureau 2020 ZCTA-to-county relationship file (file dated December 9, 2021), largest land-area overlap.
Fair Market Rents are HUD’s estimate of gross rent (rent plus utilities) for a modest unit, set at the 40th percentile of recent-mover rents. FY 2027 is HUD’s fiscal year beginning October 1, 2026. Housing authorities set voucher payment standards from these figures; check yours.