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Marion County/Indianapolis/46259

46259

ZIPSAFMR
Marion County, IN
Zillow

ZIP Investment Score

85Below average

095130300
BRFMR
Eff. Rent
0 BR$1,230$1,350
1 BR$1,380$1,430
2 BR$1,590$1,630
3 BR$2,060$1,790
4 BR$2,510$2,080
5 BR$2,887Not available
6 BR$3,319Not available
7 BR$3,817Not available
8 BR$4,390Not available

Purchase Price Calculator

Maximum purchase price
$180,301

Cost breakdown

+Likely effective rent$1,630
HUD FMR$1,590
Market rent$1,650
Est. payment standard (102%)Used$1,630
-Principal and interest-$912
Loan amount$144,241
Down payment$36,060
Rate6.50%
Term30 years
-Operating costs-$518
Property taxes-$180
Insurance-$175
Utilities$0
HOA$0
Management-$163
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$26,231(72.7% ROI)
Projected value
$194,164
Return breakdown
Property appreciation+$13,863
Loan principal paid down+$5,168
Rental cash flow+$7,200
5-year hold
+$44,909(124.5% ROI)
Projected value
$203,994
Return breakdown
Property appreciation+$23,693
Loan principal paid down+$9,216
Rental cash flow+$12,000
10-year hold
+$96,458(267.5% ROI)
Projected value
$230,800
Return breakdown
Property appreciation+$50,499
Loan principal paid down+$21,959
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.85
1 BR
0.95
2 BR
0.96
3 BR
1.15
4 BR
1.21
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 46259 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46259 (Indianapolis, IN) is $1,590 a month. That is down 0.6% from $1,600 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, 46259 is tied for the 22nd-highest two-bedroom rent (county range $1,310–$2,300). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46259 is 46% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46259
BedroomsFY 2027Change90–110% range
Studio$1,230+1.7%$1,107–$1,353
1BR$1,3800.0%$1,242–$1,518
2BR$1,590−0.6%$1,431–$1,749
3BR$2,060−0.5%$1,854–$2,266
4BR$2,510−1.2%$2,259–$2,761

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46259
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,230$1,380$1,590$2,060$2,510
FY 2026$1,210$1,380$1,600$2,070$2,540
FY 2025$1,120$1,300$1,530$2,000$2,420
FY 2024$1,240$1,440$1,700$2,220$2,680
FY 2023$1,040$1,200$1,430$1,880$2,240

Two-bedroom rent in nearby Marion County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 46259
46241$1,480−6.9%
46242$1,470−7.5%
46244$1,470−7.5%
46247$1,470−7.5%
46250$1,690+6.3%
46251$1,470−7.5%
46253$1,470−7.5%
46254$1,370−13.8%
46256$1,500−5.7%
46259Current$1,590—
46260$1,560−1.9%
46268$1,570−1.3%

Questions about ZIP 46259 rents

How much will Section 8 pay for a two-bedroom in ZIP 46259?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,590, that basic range is $1,431 to $1,749 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 46259 in?

ZIP 46259 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 46259 for FY 2027?

The two-bedroom FMR fell 0.6%, from $1,600 in FY 2026 to $1,590 in FY 2027. Since FY 2023 it has risen 11.2%.

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