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IN/Marion County/Indianapolis

Indianapolis, IN

CitySAFMR
Marion County
Found 50 ZIPs
Zillow

City Median Investment Score

81Below average

095130300
BRFMR
Eff. Rent
0 BR$1,010 – $1,780$780 – $1,610
1 BR$1,140 – $2,000$850 – $1,630
2 BR$1,310 – $2,300$1,080 – $2,150
3 BR$1,700 – $2,980$1,260 – $3,000
4 BR$2,070 – $3,630$1,520 – $3,170
5 BR$2,691Not available
6 BR$3,095Not available
7 BR$3,559Not available
8 BR$4,093Not available

Public Housing Authority

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Rolodex

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Market Alignment

Studio
9
9
0.79-1.52
1 BR
9
0.83-1.60
2 BR
8
8
0.85-1.51
3 BR
12
0.94-1.73
4 BR
13
1.01-1.90
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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Indianapolis, IN fair market rent, FY 2027

For FY 2027, HUD's two-bedroom Small Area Fair Market Rent across the 50 ZIP codes in Indianapolis, IN ranges from $1,310 to $2,300 a month, with a median of $1,480. That is up 3.5% from $1,430 in FY 2026. Indianapolis 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 Indianapolis is 36% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for Indianapolis, IN
BedroomsFY 2027Change90–110% range
Studio$1,140+4.6%$1,026–$1,254
1BR$1,290+4.9%$1,161–$1,419
2BR$1,480+3.5%$1,332–$1,628
3BR$1,920+3.8%$1,728–$2,112
4BR$2,340+3.1%$2,106–$2,574

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for Indianapolis, IN
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,140$1,290$1,480$1,920$2,340
FY 2026$1,090$1,230$1,430$1,850$2,270
FY 2025$920$1,050$1,230$1,600$1,940
FY 2024$950$1,100$1,300$1,690$2,050
FY 2023$750$880$1,040$1,360$1,630

Two-bedroom rent by ZIP code

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. median
46236$2,300+55.4%
46278$2,300+55.4%
46204$2,220+50.0%
46280$2,180+47.3%
46202$1,980+33.8%
46231$1,980+33.8%
46290$1,940+31.1%
46234$1,850+25.0%
46228$1,830+23.6%
46240$1,820+23.0%
46217$1,790+20.9%
46220$1,790+20.9%
46239$1,790+20.9%
46237$1,730+16.9%
46216$1,700+14.9%
46250$1,690+14.2%
46205$1,590+7.4%
46259$1,590+7.4%
46268$1,570+6.1%
46260$1,560+5.4%
46256$1,500+1.4%
46221$1,4800.0%
46241$1,4800.0%
46206$1,470−0.7%

Showing the 24 highest of 45 ZIP codes.

Questions about Indianapolis, IN rents

How much will Section 8 pay for a two-bedroom in Indianapolis, IN?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,480, that basic range is $1,332 to $1,628 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 Indianapolis, IN in?

Indianapolis, 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 Indianapolis, IN for FY 2027?

The two-bedroom FMR rose 3.5%, from $1,430 in FY 2026 to $1,480 in FY 2027. Since FY 2023 it has risen 42.3%.

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

County fair market rentIN statewide rentsWhat is SAFMR?Data sources