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Marion County/Indianapolis/46217

46217

ZIPSAFMR
Marion County, IN
Zillow

ZIP Investment Score

105Above average

095130300
BRFMR
Eff. Rent
0 BR$1,380$920
1 BR$1,560$1,030
2 BR$1,790$1,500
3 BR$2,320$1,690
4 BR$2,830$1,970
5 BR$3,254Not available
6 BR$3,743Not available
7 BR$4,304Not available
8 BR$4,950Not available

Purchase Price Calculator

Maximum purchase price
$160,983

Cost breakdown

+Likely effective rent$1,500
HUD FMR$1,790
Market rentUsed$1,500
Est. payment standard (90%)$1,610
-Principal and interest-$814
Loan amount$128,786
Down payment$32,197
Rate6.50%
Term30 years
-Operating costs-$486
Property taxes-$161
Insurance-$175
Utilities$0
HOA$0
Management-$150
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,192(75.1% ROI)
Projected value
$173,361
Return breakdown
Property appreciation+$12,378
Loan principal paid down+$4,614
Rental cash flow+$7,200
5-year hold
+$41,383(128.5% ROI)
Projected value
$182,137
Return breakdown
Property appreciation+$21,154
Loan principal paid down+$8,228
Rental cash flow+$12,000
10-year hold
+$88,695(275.5% ROI)
Projected value
$206,072
Return breakdown
Property appreciation+$45,089
Loan principal paid down+$19,606
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.50
1 BR
1.51
2 BR
1.19
3 BR
1.37
4 BR
1.44
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 46217 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46217 (Indianapolis, IN) is $1,790 a month. That is up 3.5% from $1,730 in FY 2026. Indianapolis 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, 46217 is tied for the 15th-highest two-bedroom rent (county range $1,310–$2,300). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46217 is 65% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46217
BedroomsFY 2027Change90–110% range
Studio$1,380+5.3%$1,242–$1,518
1BR$1,560+4.7%$1,404–$1,716
2BR$1,790+3.5%$1,611–$1,969
3BR$2,320+3.6%$2,088–$2,552
4BR$2,830+2.9%$2,547–$3,113

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46217
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,380$1,560$1,790$2,320$2,830
FY 2026$1,310$1,490$1,730$2,240$2,750
FY 2025$1,080$1,240$1,450$1,890$2,290
FY 2024$1,090$1,270$1,500$1,960$2,360
FY 2023$860$1,000$1,190$1,560$1,870

Two-bedroom rent in nearby Marion County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 46217
46208$1,400−21.8%
46214$1,440−19.6%
46216$1,700−5.0%
46217Current$1,790—
46218$1,330−25.7%
46219$1,420−20.7%
46220$1,7900.0%
46221$1,480−17.3%
46222$1,420−20.7%
46224$1,470−17.9%
46225$1,420−20.7%
46226$1,440−19.6%

Questions about ZIP 46217 rents

How much will Section 8 pay for a two-bedroom in ZIP 46217?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,790, that basic range is $1,611 to $1,969 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 46217 in?

ZIP 46217 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 46217 for FY 2027?

The two-bedroom FMR rose 3.5%, from $1,730 in FY 2026 to $1,790 in FY 2027. Since FY 2023 it has risen 50.4%.

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