FMR is near market; voucher and private rents are aligned.
0.98
2 BR
2 BR
0.97ratio
FMR$1,536
Market$1,590
vs market-$54
FMR is near market; voucher and private rents are aligned.
0.97
3 BR
3 BR
1.14ratio
FMR$1,991
Market$1,750
vs market+$241
FMR is above market; underwrite to market rent.
1.14
4 BR
4 BR
1.25ratio
FMR$2,425
Market$1,940
vs market+$485
FMR is above market; underwrite to market rent.
1.25
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 46285 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 46285 (Indianapolis, IN) is $1,536 a month. That is up 4.3% from $1,473 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. The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46285 is 42% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 46285
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,118
$1,187
+6.2%
$1,068–$1,306
1BR
$1,267
$1,336
+5.4%
$1,202–$1,470
2BR
$1,473
$1,536
+4.3%
$1,382–$1,690
3BR
$1,907
$1,991
+4.4%
$1,792–$2,190
4BR
$2,338
$2,425
+3.7%
$2,183–$2,668
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 46285
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,187
$1,336
$1,536
$1,991
$2,425
FY 2026
$1,118
$1,267
$1,473
$1,907
$2,338
FY 2025
$955
$1,097
$1,283
$1,669
$2,028
FY 2024
$982
$1,145
$1,349
$1,758
$2,126
FY 2023
$771
$897
$1,065
$1,397
$1,671
Questions about ZIP 46285 rents
How much will Section 8 pay for a two-bedroom in ZIP 46285?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,536, that basic range is $1,382 to $1,690 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 46285 in?
ZIP 46285 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 46285 for FY 2027?
The two-bedroom FMR rose 4.3%, from $1,473 in FY 2026 to $1,536 in FY 2027. Since FY 2023 it has risen 44.2%.
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 Fair Market Rents. 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