FMR is near market; voucher and private rents are aligned.
1.07
1 BR
1 BR- 46405
1.03ratio
FMR$1,200
Market$1,170
vs market+$30
FMR is near market; voucher and private rents are aligned.
1.03
2 BR
2 BR- 46405
1.11ratio
FMR$1,460
Market$1,320
vs market+$140
FMR is above market; underwrite to market rent.
1.11
3 BR
3 BR- 46405
1.09ratio
FMR$1,780
Market$1,630
vs market+$150
FMR is near market; voucher and private rents are aligned.
1.09
4 BR
4 BR- 46405
1.03ratio
FMR$1,940
Market$1,880
vs market+$60
FMR is near market; voucher and private rents are aligned.
1.03
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
--
Lake Station, IN fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Lake Station, IN is $1,460 a month. That is up 8.1% from $1,350 in FY 2026. Lake Station is in the Gary, 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 Lake Station is 35% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Lake Station, IN
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$980
$1,140
+16.3%
$1,026–$1,254
1BR
$1,110
$1,200
+8.1%
$1,080–$1,320
2BR
$1,350
$1,460
+8.1%
$1,314–$1,606
3BR
$1,650
$1,780
+7.9%
$1,602–$1,958
4BR
$1,790
$1,940
+8.4%
$1,746–$2,134
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Lake Station, IN
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,140
$1,200
$1,460
$1,780
$1,940
FY 2026
$980
$1,110
$1,350
$1,650
$1,790
FY 2025
$890
$1,020
$1,240
$1,530
$1,640
FY 2024
$890
$1,060
$1,290
$1,580
$1,720
FY 2023
$700
$840
$1,030
$1,260
$1,400
Questions about Lake Station, IN rents
How much will Section 8 pay for a two-bedroom in Lake Station, IN?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,460, that basic range is $1,314 to $1,606 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 Lake Station, IN in?
Lake Station, IN is in the Gary, 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 Lake Station, IN for FY 2027?
The two-bedroom FMR rose 8.1%, from $1,350 in FY 2026 to $1,460 in FY 2027. Since FY 2023 it has risen 41.7%.
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