Metro FMR area · IN · HUD FY 2027
Indianapolis-Carmel, IN Fair Market Rent
HUD’s FY 2027 Fair Market Rent for a 2-bedroom in the Indianapolis-Carmel, IN area is $1,536 a month, 18% above the Indiana average and 13% below the U.S. average of $1,761. ZIP-level Small Area FMRs for its 136 ZIP codes range from $1,010 to $2,300.
- $1,5362-bedroom FMR+$63 (+4.3%) vs FY 2026
- $1,3361-bedroom FMRU.S.: $1,478
- $61,440Income for a 2-bedroomat 30% of income
- 1,982,809Residents9 counties
| Unit | Indianapolis-Carmel, IN FY 2027 | FY 2026 | Change | Indiana avg | U.S. avg | Income needed |
|---|---|---|---|---|---|---|
| Studio | $1,187 | $1,118 | +$69 (+6.2%) | $1,005 | $1,379 | $47,480 |
| 1 bedroom | $1,336 | $1,267 | +$69 (+5.4%) | $1,082 | $1,478 | $53,440 |
| 2 bedrooms | $1,536 | $1,473 | +$63 (+4.3%) | $1,302 | $1,761 | $61,440 |
| 3 bedrooms | $1,991 | $1,907 | +$84 (+4.4%) | $1,642 | $2,266 | $79,640 |
| 4 bedrooms | $2,425 | $2,338 | +$87 (+3.7%) | $1,904 | $2,607 | $97,000 |
Counties in this FMR area
| County | Residents in area |
|---|---|
| Boone County, IN | 74,718 |
| Brown County, IN | 15,606 |
| Hamilton County, IN | 365,056 |
| Hancock County, IN | 84,037 |
| Hendricks County, IN | 183,344 |
| Johnson County, IN | 166,315 |
| Marion County, IN | 975,809 |
| Morgan County, IN | 72,659 |
| Shelby County, IN | 45,265 |
Small Area FMRs by ZIP code
Small Area FMRs apply to Housing Choice Vouchers where HUD requires them or the housing authority opts in; otherwise the metro FMR above applies. The median ZIP’s 2-bedroom SAFMR is $1,440.
| ZIP | Studio | 1BR | 2BR | 3BR | 4BR | 2BR vs FY 2026 | 2BR vs area FMR |
|---|---|---|---|---|---|---|---|
| 46030 | $980 | $1,100 | $1,270 | $1,650 | $2,000 | +$30 (+2.4%) | 17% below |
| 46031 | $1,130 | $1,240 | $1,470 | $1,870 | $2,240 | +$60 (+4.3%) | 4% below |
| 46032 | $1,650 | $1,860 | $2,140 | $2,770 | $3,380 | +$100 (+4.9%) | 39% above |
| 46033 | $1,670 | $1,880 | $2,160 | $2,800 | $3,410 | +$90 (+4.3%) | 41% above |
| 46034 | $1,090 | $1,230 | $1,410 | $1,830 | $2,230 | −$90 (−6.0%) | 8% below |
| 46035 | $890 | $900 | $1,120 | $1,480 | $1,560 | +$20 (+1.8%) | 27% below |
| 46036 | $910 | $920 | $1,200 | $1,570 | $1,580 | +$100 (+9.1%) | 22% below |
| 46037 | $1,560 | $1,760 | $2,020 | $2,620 | $3,190 | +$100 (+5.2%) | 32% above |
| 46038 | $1,540 | $1,730 | $1,990 | $2,580 | $3,140 | +$50 (+2.6%) | 30% above |
| 46040 | $1,250 | $1,410 | $1,620 | $2,110 | $2,550 | +$90 (+5.9%) | 5% above |
| 46041 | $830 | $850 | $1,040 | $1,380 | $1,560 | −$60 (−5.5%) | 32% below |
| 46049 | $900 | $1,060 | $1,240 | $1,620 | $1,950 | −$130 (−9.5%) | 19% below |
| 46050 | $910 | $940 | $1,150 | $1,520 | $1,600 | +$50 (+4.5%) | 25% below |
| 46052 | $990 | $1,110 | $1,280 | $1,660 | $2,020 | +$50 (+4.1%) | 17% below |
| 46055 | $1,620 | $1,820 | $2,090 | $2,710 | $3,300 | +$180 (+9.4%) | 36% above |
| 46056 | $1,120 | $1,120 | $1,470 | $1,920 | $1,940 | +$120 (+8.9%) | 4% below |
| 46060 | $1,280 | $1,440 | $1,660 | $2,150 | $2,620 | +$70 (+4.4%) | 8% above |
| 46061 | $1,520 | $1,700 | $1,960 | $2,540 | $3,090 | +$110 (+5.9%) | 28% above |
| 46062 | $1,450 | $1,630 | $1,870 | $2,420 | $2,950 | +$140 (+8.1%) | 22% above |
| 46064 | $1,190 | $1,200 | $1,570 | $2,050 | $2,070 | +$140 (+9.8%) | 2% above |
| 46069 | $860 | $970 | $1,120 | $1,450 | $1,760 | −$60 (−5.1%) | 27% below |
| 46071 | $990 | $1,110 | $1,280 | $1,660 | $2,020 | +$10 (+0.8%) | 17% below |
| 46072 | $930 | $1,060 | $1,240 | $1,620 | $1,950 | −$130 (−9.5%) | 19% below |
| 46074 | $1,640 | $1,840 | $2,120 | $2,750 | $3,350 | +$220 (+11.6%) | 38% above |
| 46075 | $1,780 | $2,000 | $2,300 | $2,980 | $3,630 | +$150 (+7.0%) | 50% above |
| 46077 | $1,720 | $1,940 | $2,230 | $2,890 | $3,520 | +$110 (+5.2%) | 45% above |
| 46082 | $1,520 | $1,700 | $1,960 | $2,540 | $3,090 | +$110 (+5.9%) | 28% above |
| 46102 | $1,070 | $1,200 | $1,380 | $1,790 | $2,180 | −$50 (−3.5%) | 10% below |
| 46103 | $1,040 | $1,170 | $1,340 | $1,740 | $2,120 | −$90 (−6.3%) | 13% below |
| 46106 | $1,580 | $1,770 | $2,040 | $2,640 | $3,220 | +$10 (+0.5%) | 33% above |
| 46107 | $1,100 | $1,230 | $1,420 | $1,840 | $2,240 | +$70 (+5.2%) | 8% below |
| 46110 | $920 | $1,030 | $1,190 | $1,540 | $1,880 | +$60 (+5.3%) | 23% below |
| 46111 | $1,070 | $1,210 | $1,380 | $1,790 | $2,180 | +$20 (+1.5%) | 10% below |
| 46112 | $1,420 | $1,600 | $1,840 | $2,390 | $2,900 | +$100 (+5.7%) | 20% above |
| 46113 | $1,440 | $1,620 | $1,860 | $2,410 | $2,940 | +$110 (+6.3%) | 21% above |
| 46115 | $760 | $850 | $1,010 | $1,300 | $1,560 | −$90 (−8.2%) | 34% below |
| 46117 | $950 | $1,020 | $1,230 | $1,530 | $1,780 | +$70 (+6.0%) | 20% below |
| 46118 | $940 | $1,060 | $1,220 | $1,580 | $1,930 | −$20 (−1.6%) | 21% below |
| 46120 | $760 | $870 | $1,010 | $1,400 | $1,670 | −$90 (−8.2%) | 34% below |
| 46121 | $1,120 | $1,280 | $1,480 | $1,990 | $2,390 | +$60 (+4.2%) | 4% below |
| 46122 | $1,160 | $1,300 | $1,500 | $1,940 | $2,370 | +$70 (+4.9%) | 2% below |
| 46123 | $1,480 | $1,660 | $1,910 | $2,480 | $3,010 | +$60 (+3.2%) | 24% above |
| 46124 | $850 | $940 | $1,080 | $1,380 | $1,680 | −$20 (−1.8%) | 30% below |
| 46125 | $1,000 | $1,130 | $1,300 | $1,680 | $2,050 | +$70 (+5.7%) | 15% below |
| 46126 | $800 | $900 | $1,040 | $1,350 | $1,640 | −$60 (−5.5%) | 32% below |
| 46130 | $990 | $1,110 | $1,280 | $1,660 | $2,020 | +$100 (+8.5%) | 17% below |
| 46131 | $1,160 | $1,300 | $1,500 | $1,940 | $2,370 | +$70 (+4.9%) | 2% below |
| 46140 | $1,100 | $1,240 | $1,430 | $1,850 | $2,260 | +$60 (+4.4%) | 7% below |
| 46142 | $1,120 | $1,260 | $1,450 | $1,880 | $2,290 | +$40 (+2.8%) | 6% below |
| 46143 | $1,450 | $1,630 | $1,870 | $2,420 | $2,950 | +$100 (+5.6%) | 22% above |
| 46144 | $1,030 | $1,160 | $1,340 | $1,730 | $2,100 | +$40 (+3.1%) | 13% below |
| 46147 | $990 | $1,110 | $1,280 | $1,660 | $2,020 | +$20 (+1.6%) | 17% below |
| 46148 | $870 | $880 | $1,110 | $1,320 | $1,560 | +$10 (+0.9%) | 28% below |
| 46149 | $1,170 | $1,310 | $1,510 | $1,960 | $2,380 | +$10 (+0.7%) | 2% below |
| 46150 | $980 | $1,070 | $1,280 | $1,620 | $1,900 | +$60 (+4.9%) | 17% below |
| 46151 | $1,000 | $1,130 | $1,300 | $1,680 | $2,050 | +$70 (+5.7%) | 15% below |
| 46154 | $1,100 | $1,240 | $1,430 | $1,850 | $2,260 | +$60 (+4.4%) | 7% below |
| 46157 | $830 | $940 | $1,080 | $1,400 | $1,700 | −$20 (−1.8%) | 30% below |
| 46158 | $1,070 | $1,210 | $1,390 | $1,800 | $2,190 | +$20 (+1.5%) | 10% below |
| 46160 | $900 | $1,010 | $1,160 | $1,500 | $1,830 | +$50 (+4.5%) | 24% below |
| 46161 | $1,030 | $1,160 | $1,340 | $1,730 | $2,100 | +$40 (+3.1%) | 13% below |
| 46162 | $1,190 | $1,340 | $1,540 | $1,990 | $2,430 | +$60 (+4.1%) | about the same as |
| 46163 | $1,110 | $1,240 | $1,430 | $1,850 | $2,260 | +$50 (+3.6%) | 7% below |
| 46164 | $880 | $990 | $1,140 | $1,480 | $1,800 | −$20 (−1.7%) | 26% below |
| 46165 | $1,590 | $1,790 | $2,070 | $2,700 | $3,280 | +$260 (+14.4%) | 35% above |
| 46166 | $1,000 | $1,120 | $1,280 | $1,650 | $2,030 | +$90 (+7.6%) | 17% below |
| 46167 | $1,090 | $1,230 | $1,410 | $1,830 | $2,230 | −$20 (−1.4%) | 8% below |
| 46168 | $1,350 | $1,510 | $1,740 | $2,260 | $2,750 | +$130 (+8.1%) | 13% above |
| 46176 | $990 | $1,110 | $1,280 | $1,660 | $2,020 | +$40 (+3.2%) | 17% below |
| 46180 | $970 | $1,100 | $1,270 | $1,670 | $2,020 | +$40 (+3.3%) | 17% below |
| 46181 | $1,090 | $1,230 | $1,410 | $1,830 | $2,230 | −$50 (−3.4%) | 8% below |
| 46182 | $1,570 | $1,760 | $2,030 | $2,630 | $3,200 | +$470 (+30.1%) | 32% above |
| 46183 | $1,260 | $1,420 | $1,630 | $2,110 | $2,570 | +$70 (+4.5%) | 6% above |
| 46184 | $1,760 | $1,980 | $2,280 | $2,960 | $3,600 | +$80 (+3.6%) | 48% above |
| 46186 | $1,080 | $1,140 | $1,410 | $1,810 | $2,020 | +$90 (+6.8%) | 8% below |
| 46201 | $1,010 | $1,140 | $1,310 | $1,700 | $2,070 | +$30 (+2.3%) | 15% below |
| 46202 | $1,530 | $1,720 | $1,980 | $2,570 | $3,130 | +$130 (+7.0%) | 29% above |
| 46203 | $1,070 | $1,200 | $1,380 | $1,790 | $2,180 | +$60 (+4.5%) | 10% below |
| 46204 | $1,720 | $1,930 | $2,220 | $2,880 | $3,500 | +$50 (+2.3%) | 45% above |
| 46205 | $1,230 | $1,380 | $1,590 | $2,060 | $2,510 | +$90 (+6.0%) | 4% above |
| 46206 | $1,140 | $1,280 | $1,470 | $1,910 | $2,320 | +$60 (+4.3%) | 4% below |
| 46208 | $1,080 | $1,220 | $1,400 | $1,810 | $2,210 | +$50 (+3.7%) | 9% below |
| 46214 | $1,110 | $1,250 | $1,440 | $1,870 | $2,270 | +$90 (+6.7%) | 6% below |
| 46216 | $1,310 | $1,480 | $1,700 | $2,200 | $2,680 | +$50 (+3.0%) | 11% above |
| 46217 | $1,380 | $1,560 | $1,790 | $2,320 | $2,830 | +$60 (+3.5%) | 17% above |
| 46218 | $1,030 | $1,160 | $1,330 | $1,720 | $2,100 | +$70 (+5.6%) | 13% below |
| 46219 | $1,100 | $1,230 | $1,420 | $1,840 | $2,240 | +$80 (+6.0%) | 8% below |
| 46220 | $1,380 | $1,560 | $1,790 | $2,320 | $2,830 | +$100 (+5.9%) | 17% above |
| 46221 | $1,140 | $1,290 | $1,480 | $1,920 | $2,340 | +$40 (+2.8%) | 4% below |
| 46222 | $1,100 | $1,230 | $1,420 | $1,840 | $2,240 | +$50 (+3.6%) | 8% below |
| 46224 | $1,140 | $1,280 | $1,470 | $1,910 | $2,320 | +$100 (+7.3%) | 4% below |
| 46225 | $1,100 | $1,230 | $1,420 | $1,840 | $2,240 | +$90 (+6.8%) | 8% below |
| 46226 | $1,110 | $1,250 | $1,440 | $1,870 | $2,270 | +$100 (+7.5%) | 6% below |
| 46227 | $1,060 | $1,190 | $1,370 | $1,780 | $2,160 | +$50 (+3.8%) | 11% below |
| 46228 | $1,410 | $1,590 | $1,830 | $2,370 | $2,890 | +$50 (+2.8%) | 19% above |
| 46229 | $1,040 | $1,170 | $1,350 | $1,750 | $2,130 | +$50 (+3.8%) | 12% below |
| 46230 | $1,140 | $1,280 | $1,470 | $1,910 | $2,320 | +$60 (+4.3%) | 4% below |
| 46231 | $1,530 | $1,720 | $1,980 | $2,570 | $3,130 | −$60 (−2.9%) | 29% above |
| 46234 | $1,430 | $1,610 | $1,850 | $2,400 | $2,920 | +$70 (+3.9%) | 20% above |
| 46235 | $1,010 | $1,140 | $1,310 | $1,700 | $2,070 | +$60 (+4.8%) | 15% below |
| 46236 | $1,780 | $2,000 | $2,300 | $2,980 | $3,630 | +$180 (+8.5%) | 50% above |
| 46237 | $1,340 | $1,500 | $1,730 | $2,240 | $2,730 | +$110 (+6.8%) | 13% above |
| 46239 | $1,380 | $1,560 | $1,790 | $2,320 | $2,830 | +$150 (+9.1%) | 17% above |
| 46240 | $1,410 | $1,580 | $1,820 | $2,360 | $2,870 | +$80 (+4.6%) | 18% above |
| 46241 | $1,140 | $1,290 | $1,480 | $1,920 | $2,340 | +$70 (+5.0%) | 4% below |
| 46242 | $1,140 | $1,280 | $1,470 | $1,910 | $2,320 | +$60 (+4.3%) | 4% below |
| 46244 | $1,140 | $1,280 | $1,470 | $1,910 | $2,320 | +$60 (+4.3%) | 4% below |
| 46247 | $1,140 | $1,280 | $1,470 | $1,910 | $2,320 | +$60 (+4.3%) | 4% below |
| 46250 | $1,310 | $1,470 | $1,690 | $2,190 | $2,670 | +$60 (+3.7%) | 10% above |
| 46251 | $1,140 | $1,280 | $1,470 | $1,910 | $2,320 | +$60 (+4.3%) | 4% below |
| 46253 | $1,140 | $1,280 | $1,470 | $1,910 | $2,320 | +$60 (+4.3%) | 4% below |
| 46254 | $1,060 | $1,190 | $1,370 | $1,780 | $2,160 | −$70 (−4.9%) | 11% below |
| 46256 | $1,160 | $1,300 | $1,500 | $1,940 | $2,370 | +$70 (+4.9%) | 2% below |
| 46259 | $1,230 | $1,380 | $1,590 | $2,060 | $2,510 | −$10 (−0.6%) | 4% above |
| 46260 | $1,210 | $1,360 | $1,560 | $2,020 | $2,460 | +$70 (+4.7%) | 2% above |
| 46262 | $1,140 | $1,280 | $1,470 | $1,910 | $2,320 | n/a | 4% below |
| 46268 | $1,210 | $1,370 | $1,570 | $2,040 | $2,480 | +$40 (+2.6%) | 2% above |
| 46278 | $1,780 | $2,000 | $2,300 | $2,980 | $3,630 | +$580 (+33.7%) | 50% above |
| 46280 | $1,690 | $1,900 | $2,180 | $2,830 | $3,440 | +$140 (+6.9%) | 42% above |
| 46282 | $1,140 | $1,280 | $1,470 | $1,910 | $2,320 | +$60 (+4.3%) | 4% below |
| 46290 | $1,500 | $1,690 | $1,940 | $2,510 | $3,060 | +$100 (+5.4%) | 26% above |
| 47201 | $1,320 | $1,330 | $1,560 | $1,860 | $2,230 | +$130 (+9.1%) | 2% above |
| 47234 | $1,120 | $1,210 | $1,410 | $1,760 | $2,120 | +$150 (+11.9%) | 8% below |
| 47235 | $780 | $850 | $1,010 | $1,310 | $1,560 | −$90 (−8.2%) | 34% below |
| 47240 | $840 | $860 | $1,120 | $1,340 | $1,560 | +$20 (+1.8%) | 27% below |
| 47272 | $890 | $950 | $1,180 | $1,450 | $1,670 | +$70 (+6.3%) | 23% below |
| 47274 | $870 | $880 | $1,150 | $1,460 | $1,560 | +$50 (+4.5%) | 25% below |
| 47384 | $900 | $940 | $1,140 | $1,410 | $1,620 | +$40 (+3.6%) | 26% below |
| 47401 | $1,030 | $1,130 | $1,290 | $1,650 | $1,990 | +$60 (+4.9%) | 16% below |
| 47433 | $810 | $910 | $1,010 | $1,300 | $1,600 | −$90 (−8.2%) | 34% below |
| 47435 | $990 | $1,110 | $1,280 | $1,650 | $2,010 | +$10 (+0.8%) | 17% below |
| 47448 | $1,000 | $1,120 | $1,290 | $1,670 | $2,030 | no change | 16% below |
| 47456 | $850 | $960 | $1,100 | $1,440 | $1,760 | no change | 28% below |
| 47468 | $990 | $1,100 | $1,260 | $1,620 | $1,970 | +$40 (+3.3%) | 18% below |
| 47933 | $890 | $950 | $1,110 | $1,450 | $1,750 | −$120 (−9.8%) | 28% below |
| 47968 | $1,060 | $1,080 | $1,250 | $1,620 | $1,780 | +$40 (+3.3%) | 19% 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).
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.