Skip to main content
Loading page
Marion County/Indianapolis/46228

46228

ZIPSAFMR
Marion County, IN
Zillow

ZIP Investment Score

108Above average

095130300
BRFMR
Eff. Rent
0 BR$1,410$1,390
1 BR$1,590$1,260
2 BR$1,830$1,290
3 BR$2,370$1,740
4 BR$2,890$2,250
5 BR$3,323Not available
6 BR$3,822Not available
7 BR$4,395Not available
8 BR$5,055Not available

Purchase Price Calculator

Maximum purchase price
$129,777

Cost breakdown

+Likely effective rent$1,290
HUD FMR$1,830
Market rentUsed$1,290
Est. payment standard (90%)$1,650
-Principal and interest-$656
Loan amount$103,822
Down payment$25,955
Rate6.50%
Term30 years
-Operating costs-$434
Property taxes-$130
Insurance-$175
Utilities$0
HOA$0
Management-$129
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$20,898(80.5% ROI)
Projected value
$139,756
Return breakdown
Property appreciation+$9,979
Loan principal paid down+$3,720
Rental cash flow+$7,200
5-year hold
+$35,687(137.5% ROI)
Projected value
$146,831
Return breakdown
Property appreciation+$17,054
Loan principal paid down+$6,633
Rental cash flow+$12,000
10-year hold
+$76,154(293.4% ROI)
Projected value
$166,126
Return breakdown
Property appreciation+$36,349
Loan principal paid down+$15,806
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
1.01
1 BR
1.26
2 BR
1.42
3 BR
1.36
4 BR
1.28
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 46228 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46228 (Indianapolis, IN) is $1,830 a month. That is up 2.8% from $1,780 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, 46228 has the 13th-highest two-bedroom rent (county range $1,310–$2,300). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46228 is 69% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46228
BedroomsFY 2027Change90–110% range
Studio$1,410+4.4%$1,269–$1,551
1BR$1,590+3.9%$1,431–$1,749
2BR$1,830+2.8%$1,647–$2,013
3BR$2,370+3.0%$2,133–$2,607
4BR$2,890+2.1%$2,601–$3,179

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46228
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,410$1,590$1,830$2,370$2,890
FY 2026$1,350$1,530$1,780$2,300$2,830
FY 2025$1,120$1,290$1,510$1,960$2,390
FY 2024$1,110$1,300$1,530$1,990$2,410
FY 2023$830$970$1,150$1,510$1,800

Two-bedroom rent in nearby Marion County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 46228
46221$1,480−19.1%
46222$1,420−22.4%
46224$1,470−19.7%
46225$1,420−22.4%
46226$1,440−21.3%
46227$1,370−25.1%
46228Current$1,830—
46229$1,350−26.2%
46230$1,470−19.7%
46231$1,980+8.2%
46234$1,850+1.1%
46235$1,310−28.4%

Questions about ZIP 46228 rents

How much will Section 8 pay for a two-bedroom in ZIP 46228?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,830, that basic range is $1,647 to $2,013 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 46228 in?

ZIP 46228 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 46228 for FY 2027?

The two-bedroom FMR rose 2.8%, from $1,780 in FY 2026 to $1,830 in FY 2027. Since FY 2023 it has risen 59.1%.

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