For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46015 (Anderson, IN) is $1,330 a month. That is up 9.9% from $1,210 in FY 2026. Anderson is in the Anderson, IN HUD Metro 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 metro-wide two-bedroom FMR of $1,331. Among 21 ZIP codes in Madison County, 46015 is tied for the 12th-highest two-bedroom rent (county range $1,090–$1,900). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46015 is 23% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 46015
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$900
$1,010
+12.2%
$909–$1,111
1BR
$920
$1,020
+10.9%
$918–$1,122
2BR
$1,210
$1,330
+9.9%
$1,197–$1,463
3BR
$1,600
$1,740
+8.8%
$1,566–$1,914
4BR
$1,600
$1,750
+9.4%
$1,575–$1,925
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 46015
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,010
$1,020
$1,330
$1,740
$1,750
FY 2026
$900
$920
$1,210
$1,600
$1,600
FY 2025
$760
$800
$1,050
$1,370
$1,390
FY 2024
$790
$870
$1,140
$1,470
$1,520
FY 2023
$640
$700
$910
$1,160
$1,220
Two-bedroom rent in nearby Madison County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 46015?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,331, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,198 to $1,464 a month; under the ZIP-level Small Area FMR of $1,330 it would be $1,197 to $1,463. 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 ZIP 46015 in?
ZIP 46015 is in the Anderson, IN HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,331.
How much did fair market rent change in ZIP 46015 for FY 2027?
The two-bedroom FMR rose 9.9%, from $1,210 in FY 2026 to $1,330 in FY 2027. Since FY 2023 it has risen 46.2%.
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