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Marion County/Indianapolis/46241

46241

ZIPSAFMR
Marion County, IN
Zillow

ZIP Investment Score

147High yield potential

095130300
BRFMR
Eff. Rent
0 BR$1,140$1,030
1 BR$1,290$1,000
2 BR$1,480$1,240
3 BR$1,920$1,670
4 BR$2,340$1,950
5 BR$2,691Not available
6 BR$3,095Not available
7 BR$3,559Not available
8 BR$4,093Not available

Purchase Price Calculator

Maximum purchase price
$122,347

Cost breakdown

+Likely effective rent$1,240
HUD FMR$1,480
Market rentUsed$1,240
Est. payment standard (90%)$1,330
-Principal and interest-$619
Loan amount$97,878
Down payment$24,469
Rate6.50%
Term30 years
-Operating costs-$421
Property taxes-$122
Insurance-$175
Utilities$0
HOA$0
Management-$124
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$20,114(82.2% ROI)
Projected value
$131,754
Return breakdown
Property appreciation+$9,407
Loan principal paid down+$3,507
Rental cash flow+$7,200
5-year hold
+$34,331(140.3% ROI)
Projected value
$138,424
Return breakdown
Property appreciation+$16,077
Loan principal paid down+$6,253
Rental cash flow+$12,000
10-year hold
+$73,168(299.0% ROI)
Projected value
$156,615
Return breakdown
Property appreciation+$34,268
Loan principal paid down+$14,901
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.11
1 BR
1.29
2 BR
1.19
3 BR
1.15
4 BR
1.20
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 46241 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46241 (Indianapolis, IN) is $1,480 a month. That is up 5.0% from $1,410 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, 46241 is tied for the 27th-highest two-bedroom rent (county range $1,310–$2,300). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46241 is 36% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46241
BedroomsFY 2027Change90–110% range
Studio$1,140+6.5%$1,026–$1,254
1BR$1,290+6.6%$1,161–$1,419
2BR$1,480+5.0%$1,332–$1,628
3BR$1,920+4.9%$1,728–$2,112
4BR$2,340+4.5%$2,106–$2,574

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46241
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,140$1,290$1,480$1,920$2,340
FY 2026$1,070$1,210$1,410$1,830$2,240
FY 2025$920$1,050$1,230$1,600$1,940
FY 2024$930$1,090$1,280$1,670$2,020
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 code2 bedroomvs. 46241
46231$1,980+33.8%
46234$1,850+25.0%
46235$1,310−11.5%
46236$2,300+55.4%
46237$1,730+16.9%
46239$1,790+20.9%
46240$1,820+23.0%
46241Current$1,480—
46242$1,470−0.7%
46244$1,470−0.7%
46247$1,470−0.7%
46250$1,690+14.2%

Questions about ZIP 46241 rents

How much will Section 8 pay for a two-bedroom in ZIP 46241?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,480, that basic range is $1,332 to $1,628 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 46241 in?

ZIP 46241 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 46241 for FY 2027?

The two-bedroom FMR rose 5.0%, from $1,410 in FY 2026 to $1,480 in FY 2027. Since FY 2023 it has risen 52.6%.

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