For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46290 (Indianapolis, IN) is $1,940 a month. That is up 5.4% from $1,840 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 30 ZIP codes in Hamilton County, 46290 has the 12th-highest two-bedroom rent (county range $1,120–$2,300). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46290 is 79% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 46290
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,400
$1,500
+7.1%
$1,350–$1,650
1BR
$1,580
$1,690
+7.0%
$1,521–$1,859
2BR
$1,840
$1,940
+5.4%
$1,746–$2,134
3BR
$2,380
$2,510
+5.5%
$2,259–$2,761
4BR
$2,920
$3,060
+4.8%
$2,754–$3,366
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 46290
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,500
$1,690
$1,940
$2,510
$3,060
FY 2026
$1,400
$1,580
$1,840
$2,380
$2,920
FY 2025
$1,180
$1,360
$1,590
$2,070
$2,520
FY 2024
$1,240
$1,440
$1,700
$2,210
$2,670
FY 2023
$980
$1,140
$1,350
$1,770
$2,120
Two-bedroom rent in nearby Hamilton County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 46290?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,940, that basic range is $1,746 to $2,134 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 46290 in?
ZIP 46290 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 46290 for FY 2027?
The two-bedroom FMR rose 5.4%, from $1,840 in FY 2026 to $1,940 in FY 2027. Since FY 2023 it has risen 43.7%.
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