FMR is near market; voucher and private rents are aligned.
0.91
1 BR
1 BR
0.97ratio
FMR$1,420
Market$1,470
vs market-$50
FMR is near market; voucher and private rents are aligned.
0.97
2 BR
2 BR
1.04ratio
FMR$1,630
Market$1,560
vs market+$70
FMR is near market; voucher and private rents are aligned.
1.04
3 BR
3 BR
1.25ratio
FMR$2,110
Market$1,690
vs market+$420
FMR is above market; underwrite to market rent.
1.25
4 BR
4 BR
1.32ratio
FMR$2,570
Market$1,950
vs market+$620
FMR is above market; underwrite to market rent.
1.32
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
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ZIP 46183 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46183 (West Newton, IN) is $1,630 a month. That is up 4.5% from $1,560 in FY 2026. West Newton 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 53 ZIP codes in Marion County, 46183 has the 21st-highest two-bedroom rent (county range $1,310–$2,300). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46183 is 50% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 46183
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,180
$1,260
+6.8%
$1,134–$1,386
1BR
$1,340
$1,420
+6.0%
$1,278–$1,562
2BR
$1,560
$1,630
+4.5%
$1,467–$1,793
3BR
$2,020
$2,110
+4.5%
$1,899–$2,321
4BR
$2,480
$2,570
+3.6%
$2,313–$2,827
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 46183
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,260
$1,420
$1,630
$2,110
$2,570
FY 2026
$1,180
$1,340
$1,560
$2,020
$2,480
FY 2025
$920
$1,050
$1,230
$1,600
$1,940
FY 2024
$950
$1,100
$1,300
$1,690
$2,050
FY 2023
$740
$860
$1,020
$1,340
$1,600
Two-bedroom rent in nearby Marion County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 46183?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,630, that basic range is $1,467 to $1,793 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 46183 in?
ZIP 46183 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 46183 for FY 2027?
The two-bedroom FMR rose 4.5%, from $1,560 in FY 2026 to $1,630 in FY 2027. Since FY 2023 it has risen 59.8%.
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