Marion County/Indianapolis/46226

46226

ZIPSAFMR

Marion County, IN

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ZIP Investment Score

138High yield potential

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,110	$940	8.0%
1 BR	$1,250	$1,030	6.7%
2 BR	$1,440	$1,180	6.0%
3 BR	$1,870	$1,400	5.8%
4 BR	$2,270	$1,590	5.9%
5 BR	$2,611	Not available	5.9%
6 BR	$3,002	Not available	5.9%
7 BR	$3,452	Not available	5.9%
8 BR	$3,970	Not available	5.9%

Purchase Price Calculator

Maximum purchase price

$113,431

Cost breakdown

+Likely effective rent$1,180

HUD FMR$1,440

Market rentUsed$1,180

Est. payment standard (90%)$1,300

-Principal and interest-$574

Loan amount$90,745

Down payment$22,686

Rate6.50%

Term30 years

-Operating costs-$406

Property taxes-$113

Insurance-$175

Utilities$0

HOA$0

Management-$118

=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

+$19,173(84.5% ROI)

Projected value

$122,153

Return breakdown

Property appreciation+$8,722

Loan principal paid down+$3,251

Rental cash flow+$7,200

5-year hold

+$32,703(144.2% ROI)

Projected value

$128,337

Return breakdown

Property appreciation+$14,906

Loan principal paid down+$5,798

Rental cash flow+$12,000

10-year hold

+$69,585(306.7% ROI)

Projected value

$145,201

Return breakdown

Property appreciation+$31,770

Loan principal paid down+$13,815

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.18ratio

FMR$1,110

Market$940

vs market+$170

FMR is above market; underwrite to market rent.

1.18

1 BR

1.21ratio

FMR$1,250

Market$1,030

vs market+$220

FMR is above market; underwrite to market rent.

1.21

2 BR

1.22ratio

FMR$1,440

Market$1,180

vs market+$260

FMR is above market; underwrite to market rent.

1.22

3 BR

1.34ratio

FMR$1,870

Market$1,400

vs market+$470

FMR is above market; underwrite to market rent.

1.34

4 BR

1.43ratio

FMR$2,270

Market$1,590

vs market+$680

FMR is above market; underwrite to market rent.

1.43

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 46226 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46226 (Indianapolis, IN) is $1,440 a month. That is up 7.5% from $1,340 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, 46226 is tied for the 39th-highest two-bedroom rent (county range $1,310–$2,300). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46226 is 33% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46226
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,020	$1,110	+8.8%	$999–$1,221
1BR	$1,150	$1,250	+8.7%	$1,125–$1,375
2BR	$1,340	$1,440	+7.5%	$1,296–$1,584
3BR	$1,740	$1,870	+7.5%	$1,683–$2,057
4BR	$2,130	$2,270	+6.6%	$2,043–$2,497

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46226
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,110	$1,250	$1,440	$1,870	$2,270
FY 2026	$1,020	$1,150	$1,340	$1,740	$2,130
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. 46226
46219	$1,420	−1.4%
46220	$1,790	+24.3%
46221	$1,480	+2.8%
46222	$1,420	−1.4%
46224	$1,470	+2.1%
46225	$1,420	−1.4%
46226Current	$1,440	—
46227	$1,370	−4.9%
46228	$1,830	+27.1%
46229	$1,350	−6.2%
46230	$1,470	+2.1%
46231	$1,980	+37.5%

Questions about ZIP 46226 rents

How much will Section 8 pay for a two-bedroom in ZIP 46226?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,440, that basic range is $1,296 to $1,584 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 46226 in?

ZIP 46226 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 46226 for FY 2027?

The two-bedroom FMR rose 7.5%, from $1,340 in FY 2026 to $1,440 in FY 2027. Since FY 2023 it has risen 48.5%.

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