FMR is near market; voucher and private rents are aligned.
1.00
1 BR
1 BR- 46041
0.96ratio
FMR$850
Market$890
vs market-$40
FMR is near market; voucher and private rents are aligned.
0.96
2 BR
2 BR- 46041
0.93ratio
FMR$1,040
Market$1,120
vs market-$80
FMR is near market; voucher and private rents are aligned.
0.93
3 BR
3 BR- 46041
1.18ratio
FMR$1,380
Market$1,170
vs market+$210
FMR is above market; underwrite to market rent.
1.18
4 BR
4 BR- 46041
1.17ratio
FMR$1,560
Market$1,330
vs market+$230
FMR is above market; underwrite to market rent.
1.17
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
Frankfort, IN fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Frankfort, IN is $1,040 a month. That is down 5.5% from $1,100 in FY 2026. Frankfort is in the Indianapolis-Carmel, IN HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. The median county two-bedroom FMR in Indiana is $1,086, so Frankfort is 4% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Frankfort, IN
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$810
$830
+2.5%
$747–$913
1BR
$940
$850
−9.6%
$765–$935
2BR
$1,100
$1,040
−5.5%
$936–$1,144
3BR
$1,440
$1,380
−4.2%
$1,242–$1,518
4BR
$1,730
$1,560
−9.8%
$1,404–$1,716
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Frankfort, IN
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$830
$850
$1,040
$1,380
$1,560
FY 2026
$810
$940
$1,100
$1,440
$1,730
FY 2025
$890
$1,040
$1,220
$1,590
$1,920
FY 2024
$720
$830
$970
$1,260
$1,510
FY 2023
$670
$760
$890
$1,140
$1,400
Questions about Frankfort, IN rents
How much will Section 8 pay for a two-bedroom in Frankfort, IN?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,040, that basic range is $936 to $1,144 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is Frankfort, IN in?
Frankfort, IN is in the Indianapolis-Carmel, IN HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.
How much did fair market rent change in Frankfort, IN for FY 2027?
The two-bedroom FMR fell 5.5%, from $1,100 in FY 2026 to $1,040 in FY 2027. Since FY 2023 it has risen 16.9%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set