FMR is near market; voucher and private rents are aligned.
0.93
2 BR
2 BR
0.92ratio
FMR$1,470
Market$1,590
vs market-$120
FMR is near market; voucher and private rents are aligned.
0.92
3 BR
3 BR
1.09ratio
FMR$1,910
Market$1,750
vs market+$160
FMR is near market; voucher and private rents are aligned.
1.09
4 BR
4 BR
1.20ratio
FMR$2,320
Market$1,940
vs market+$380
FMR is above market; underwrite to market rent.
1.20
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
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ZIP 46247 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46247 (Indianapolis, IN) is $1,470 a month. That is up 4.3% 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, 46247 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 46247 is 35% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 46247
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,070
$1,140
+6.5%
$1,026–$1,254
1BR
$1,210
$1,280
+5.8%
$1,152–$1,408
2BR
$1,410
$1,470
+4.3%
$1,323–$1,617
3BR
$1,830
$1,910
+4.4%
$1,719–$2,101
4BR
$2,240
$2,320
+3.6%
$2,088–$2,552
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 46247
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,140
$1,280
$1,470
$1,910
$2,320
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
$950
$1,100
$1,300
$1,690
$2,050
FY 2023
$740
$860
$1,020
$1,340
$1,600
Two-bedroom rent in nearby Marion County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 46247?
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 46247 in?
ZIP 46247 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 46247 for FY 2027?
The two-bedroom FMR rose 4.3%, from $1,410 in FY 2026 to $1,470 in FY 2027. Since FY 2023 it has risen 44.1%.
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