FMR is below market; voucher rent may lag private rents.
0.74
1 BR
1 BR- 47250
0.83ratio
FMR$850
Market$1,020
vs market-$170
FMR is below market; voucher rent may lag private rents.
0.83
2 BR
2 BR- 47250
0.96ratio
FMR$1,030
Market$1,070
vs market-$40
FMR is near market; voucher and private rents are aligned.
0.96
3 BR
3 BR- 47250
1.11ratio
FMR$1,300
Market$1,170
vs market+$130
FMR is above market; underwrite to market rent.
1.11
4 BR
4 BR- 47250
1.33ratio
FMR$1,610
Market$1,210
vs market+$400
FMR is above market; underwrite to market rent.
1.33
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
--
Madison, IN fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Madison, IN is $1,030 a month. That is up 7.3% from $960 in FY 2026. Madison is in the Switzerland County, IN non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $1,029. The median county two-bedroom FMR in Indiana is $1,086, so Madison is 5% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Madison, IN
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$660
$750
+13.6%
$675–$825
1BR
$810
$850
+4.9%
$765–$935
2BR
$960
$1,030
+7.3%
$927–$1,133
3BR
$1,200
$1,300
+8.3%
$1,170–$1,430
4BR
$1,500
$1,610
+7.3%
$1,449–$1,771
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Madison, IN
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$750
$850
$1,030
$1,300
$1,610
FY 2026
$660
$810
$960
$1,200
$1,500
FY 2025
$640
$790
$930
$1,170
$1,550
FY 2024area FMR
$600
$657
$863
$1,216
$1,274
FY 2023area FMR
$576
$628
$826
$1,174
$1,334
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Questions about Madison, IN rents
How much will Section 8 pay for a two-bedroom in Madison, IN?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,029, which applies unless the housing authority uses Small Area FMRs, that basic range is $926 to $1,132 a month; under the ZIP-level Small Area FMR of $1,030 it would be $927 to $1,133. 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 Madison, IN in?
Madison, IN is in the Switzerland County, IN non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,029.
How much did fair market rent change in Madison, IN for FY 2027?
The two-bedroom FMR rose 7.3%, from $960 in FY 2026 to $1,030 in FY 2027. Since FY 2025 it has risen 10.8%.
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