Indiana · FIPS 18095 · HUD FY 2027
Madison County, Indiana Fair Market Rent
HUD’s FY 2027 Fair Market Rent for a 2-bedroom in Madison County is $1,331 a month (rent plus utilities), 2% above the Indiana average of $1,302 and 24% below the U.S. average of $1,761. That is up $125 (10.4%) from FY 2026. At 30% of income, a household needs about $53,240 a year to afford it.
- $1,3312-bedroom FMR+$125 (+10.4%) vs FY 2026
- $1,0171-bedroom FMRIndiana: $1,082 · U.S.: $1,478
- $53,240Income for a 2-bedroom$26/hour full-time
- 17 of 922BR rank in Indiana1 = highest rent
| Unit | Madison County FY 2027 | FY 2026 | Change | Indiana avg | U.S. avg | Income needed |
|---|---|---|---|---|---|---|
| Studio | $1,011 | $898 | +$113 (+12.6%) | $1,005 | $1,379 | $40,440 |
| 1 bedroom | $1,017 | $919 | +$98 (+10.7%) | $1,082 | $1,478 | $40,680 |
| 2 bedrooms | $1,331 | $1,206 | +$125 (+10.4%) | $1,302 | $1,761 | $53,240 |
| 3 bedrooms | $1,743 | $1,594 | +$149 (+9.3%) | $1,642 | $2,266 | $69,720 |
| 4 bedrooms | $1,749 | $1,597 | +$152 (+9.5%) | $1,904 | $2,607 | $69,960 |
How Madison County compares
- HUD sets this rent for the Anderson, IN metro FMR area, which covers 131,900 residents in 1 county.
- Across Indiana, 2-bedroom FMRs run from $1,014 (Wayne County) to $1,536 (Boone County).
- Studio to 4-bedroom: $1,011, $1,017, $1,331, $1,743, $1,749. 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 14 ZIP codes mostly in Madison County (by land area), the 2-bedroom figure ranges from $1,140 to $1,900.
Small Area FMRs by ZIP code in Madison County
| ZIP | Studio | 1BR | 2BR | 3BR | 4BR | 2BR vs FY 2026 | 2BR vs area FMR |
|---|---|---|---|---|---|---|---|
| 46001 | $890 | $890 | $1,170 | $1,530 | $1,540 | +$70 (+6.4%) | 12% below |
| 46011 | $1,150 | $1,160 | $1,520 | $1,990 | $2,000 | +$140 (+10.1%) | 14% above |
| 46012 | $1,070 | $1,080 | $1,410 | $1,840 | $1,860 | +$140 (+11.0%) | 6% above |
| 46013 | $980 | $990 | $1,290 | $1,690 | $1,700 | +$130 (+11.2%) | 3% below |
| 46016 | $1,050 | $1,050 | $1,380 | $1,810 | $1,810 | +$180 (+15.0%) | 4% above |
| 46017 | $1,040 | $1,050 | $1,370 | $1,790 | $1,800 | +$130 (+10.5%) | 3% above |
| 46036 | $910 | $920 | $1,200 | $1,570 | $1,580 | +$100 (+9.1%) | 10% below |
| 46044 | $1,090 | $1,100 | $1,440 | $1,890 | $1,890 | +$260 (+22.0%) | 8% above |
| 46048 | $1,440 | $1,450 | $1,900 | $2,490 | $2,500 | +$210 (+12.4%) | 43% above |
| 46051 | $1,290 | $1,300 | $1,700 | $2,230 | $2,230 | +$280 (+19.7%) | 28% above |
| 46056 | $1,120 | $1,120 | $1,470 | $1,920 | $1,940 | +$120 (+8.9%) | 10% above |
| 46063 | $870 | $870 | $1,140 | $1,490 | $1,500 | +$50 (+4.6%) | 14% below |
| 46064 | $1,190 | $1,200 | $1,570 | $2,050 | $2,070 | +$140 (+9.8%) | 18% above |
| 46070 | $920 | $920 | $1,210 | $1,580 | $1,590 | +$90 (+8.0%) | 9% below |
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.