Marion County/Indianapolis/46224

46224

ZIPSAFMR

Marion County, IN

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ZIP Investment Score

145High yield potential

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,140	$820	9.0%
1 BR	$1,280	$1,130	7.5%
2 BR	$1,470	$1,440	6.7%
3 BR	$1,910	$1,790	6.5%
4 BR	$2,320	$2,010	6.7%
5 BR	$2,668	Not available	6.7%
6 BR	$3,068	Not available	6.7%
7 BR	$3,528	Not available	6.7%
8 BR	$4,058	Not available	6.7%

Purchase Price Calculator

Maximum purchase price

$152,067

Cost breakdown

+Likely effective rent$1,440

HUD FMR$1,470

Market rentUsed$1,440

Est. payment standard (99%)$1,450

-Principal and interest-$769

Loan amount$121,654

Down payment$30,413

Rate6.50%

Term30 years

-Operating costs-$471

Property taxes-$152

Insurance-$175

Utilities$0

HOA$0

Management-$144

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$23,251(76.5% ROI)

Projected value

$163,759

Return breakdown

Property appreciation+$11,693

Loan principal paid down+$4,359

Rental cash flow+$7,200

5-year hold

+$39,755(130.7% ROI)

Projected value

$172,050

Return breakdown

Property appreciation+$19,983

Loan principal paid down+$7,772

Rental cash flow+$12,000

10-year hold

+$85,112(279.9% ROI)

Projected value

$194,659

Return breakdown

Property appreciation+$42,592

Loan principal paid down+$18,520

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.39ratio

FMR$1,140

Market$820

vs market+$320

FMR is above market; underwrite to market rent.

1.39

1 BR

1.13ratio

FMR$1,280

Market$1,130

vs market+$150

FMR is above market; underwrite to market rent.

1.13

2 BR

1.02ratio

FMR$1,470

Market$1,440

vs market+$30

FMR is near market; voucher and private rents are aligned.

1.02

3 BR

1.07ratio

FMR$1,910

Market$1,790

vs market+$120

FMR is near market; voucher and private rents are aligned.

1.07

4 BR

1.15ratio

FMR$2,320

Market$2,010

vs market+$310

FMR is above market; underwrite to market rent.

1.15

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 46224 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46224 (Indianapolis, IN) is $1,470 a month. That is up 7.3% from $1,370 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, 46224 is tied for the 29th-highest two-bedroom rent (county range $1,310–$2,300). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46224 is 35% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46224
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,040	$1,140	+9.6%	$1,026–$1,254
1BR	$1,180	$1,280	+8.5%	$1,152–$1,408
2BR	$1,370	$1,470	+7.3%	$1,323–$1,617
3BR	$1,770	$1,910	+7.9%	$1,719–$2,101
4BR	$2,170	$2,320	+6.9%	$2,088–$2,552

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46224
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,140	$1,280	$1,470	$1,910	$2,320
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	$880	$1,030	$1,210	$1,580	$1,910
FY 2023	$700	$820	$970	$1,270	$1,520

Two-bedroom rent in nearby Marion County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 46224
46218	$1,330	−9.5%
46219	$1,420	−3.4%
46220	$1,790	+21.8%
46221	$1,480	+0.7%
46222	$1,420	−3.4%
46224Current	$1,470	—
46225	$1,420	−3.4%
46226	$1,440	−2.0%
46227	$1,370	−6.8%
46228	$1,830	+24.5%
46229	$1,350	−8.2%
46230	$1,470	0.0%

Questions about ZIP 46224 rents

How much will Section 8 pay for a two-bedroom in ZIP 46224?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,470, that basic range is $1,323 to $1,617 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 46224 in?

ZIP 46224 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 46224 for FY 2027?

The two-bedroom FMR rose 7.3%, from $1,370 in FY 2026 to $1,470 in FY 2027. Since FY 2023 it has risen 51.5%.

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 rent Indianapolis, IN fair market rent IN statewide rents What is SAFMR?Data sources