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Johnson County/Needham/46162

46162

ZIPSAFMR
Johnson County, IN
Zillow

ZIP Investment Score

80Below average

095130300
BRFMR
Eff. Rent
0 BR$1,190$1,190
1 BR$1,340$1,340
2 BR$1,540$1,540
3 BR$1,990$1,990
4 BR$2,430$2,430
5 BR$2,795Not available
6 BR$3,214Not available
7 BR$3,696Not available
8 BR$4,250Not available

Purchase Price Calculator

Maximum purchase price
$166,927

Cost breakdown

+Likely effective rent$1,540
HUD FMRUsed$1,540
Market rentN/A
Est. payment standardN/A
-Principal and interest-$844
Loan amount$133,542
Down payment$33,385
Rate6.50%
Term30 years
-Operating costs-$496
Property taxes-$167
Insurance-$175
Utilities$0
HOA$0
Management-$154
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,820(74.3% ROI)
Projected value
$179,762
Return breakdown
Property appreciation+$12,835
Loan principal paid down+$4,784
Rental cash flow+$7,200
5-year hold
+$42,468(127.2% ROI)
Projected value
$188,862
Return breakdown
Property appreciation+$21,936
Loan principal paid down+$8,532
Rental cash flow+$12,000
10-year hold
+$91,084(272.8% ROI)
Projected value
$213,681
Return breakdown
Property appreciation+$46,754
Loan principal paid down+$20,330
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
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ZIP 46162 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46162 (Needham, IN) is $1,540 a month. That is up 4.1% from $1,480 in FY 2026. Needham 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 13 ZIP codes in Johnson County, 46162 has the 5th-highest two-bedroom rent (county range $1,080–$2,280). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46162 is 42% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46162
BedroomsFY 2027Change90–110% range
Studio$1,190+6.3%$1,071–$1,309
1BR$1,340+5.5%$1,206–$1,474
2BR$1,540+4.1%$1,386–$1,694
3BR$1,990+4.2%$1,791–$2,189
4BR$2,430+3.8%$2,187–$2,673

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46162
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,190$1,340$1,540$1,990$2,430
FY 2026$1,120$1,270$1,480$1,910$2,340
FY 2025$960$1,100$1,280$1,670$2,020
FY 2024$980$1,140$1,350$1,750$2,120
FY 2023$780$900$1,070$1,400$1,680

Two-bedroom rent in nearby Johnson County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 46162
46106$2,040+32.5%
46110$1,190−22.7%
46124$1,080−29.9%
46131$1,500−2.6%
46142$1,450−5.8%
46143$1,870+21.4%
46151$1,300−15.6%
46160$1,160−24.7%
46162Current$1,540—
46164$1,140−26.0%
46181$1,410−8.4%
46184$2,280+48.1%

Questions about ZIP 46162 rents

How much will Section 8 pay for a two-bedroom in ZIP 46162?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,540, that basic range is $1,386 to $1,694 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 46162 in?

ZIP 46162 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 46162 for FY 2027?

The two-bedroom FMR rose 4.1%, from $1,480 in FY 2026 to $1,540 in FY 2027. Since FY 2023 it has risen 43.9%.

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 rentNeedham, IN fair market rentIN statewide rentsWhat is SAFMR?Data sources