FMR is near market; voucher and private rents are aligned.
1.02
1 BR
1 BR
1.24ratio
FMR$1,240
Market$1,000
vs market+$240
FMR is above market; underwrite to market rent.
1.24
2 BR
2 BR
0.99ratio
FMR$1,430
Market$1,440
vs market-$10
FMR is near market; voucher and private rents are aligned.
0.99
3 BR
3 BR
1.13ratio
FMR$1,850
Market$1,630
vs market+$220
FMR is above market; underwrite to market rent.
1.13
4 BR
4 BR
1.16ratio
FMR$2,260
Market$1,940
vs market+$320
FMR is above market; underwrite to market rent.
1.16
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
--
ZIP 46154 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46154 (Maxwell, IN) is $1,430 a month. That is up 4.4% from $1,370 in FY 2026. Maxwell 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. Among 17 ZIP codes in Hancock County, 46154 is tied for the 7th-highest two-bedroom rent (county range $1,010–$2,300). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46154 is 32% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 46154
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,040
$1,100
+5.8%
$990–$1,210
1BR
$1,180
$1,240
+5.1%
$1,116–$1,364
2BR
$1,370
$1,430
+4.4%
$1,287–$1,573
3BR
$1,770
$1,850
+4.5%
$1,665–$2,035
4BR
$2,170
$2,260
+4.1%
$2,034–$2,486
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 46154
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,100
$1,240
$1,430
$1,850
$2,260
FY 2026
$1,040
$1,180
$1,370
$1,770
$2,170
FY 2025
$890
$1,040
$1,220
$1,590
$1,920
FY 2024
$940
$1,090
$1,290
$1,680
$2,030
FY 2023
$750
$870
$1,030
$1,350
$1,620
Two-bedroom rent in nearby Hancock County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 46154?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,430, that basic range is $1,287 to $1,573 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 ZIP 46154 in?
ZIP 46154 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 ZIP 46154 for FY 2027?
The two-bedroom FMR rose 4.4%, from $1,370 in FY 2026 to $1,430 in FY 2027. Since FY 2023 it has risen 38.8%.
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