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Marion County/Indianapolis/46298

46298

ZIPFMR
Marion County, IN
Zillow
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ZIP Investment Score

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095130300
BRFMR
Eff. Rent
0 BR$1,187$1,020
1 BR$1,336$1,360
2 BR$1,536$1,570
3 BR$1,991$1,750
4 BR$2,425$1,940
5 BR$2,789Not available
6 BR$3,207Not available
7 BR$3,688Not available
8 BR$4,241Not available

Purchase Price Calculator

Maximum purchase price
$171,385

Cost breakdown

+Likely effective rent$1,570
HUD FMR$1,536
Market rent$1,590
Est. payment standard (102%)Used$1,570
-Principal and interest-$867
Loan amount$137,108
Down payment$34,277
Rate6.50%
Term30 years
-Operating costs-$503
Property taxes-$171
Insurance-$175
Utilities$0
HOA$0
Management-$157
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$25,290(73.8% ROI)
Projected value
$184,563
Return breakdown
Property appreciation+$13,178
Loan principal paid down+$4,912
Rental cash flow+$7,200
5-year hold
+$43,281(126.3% ROI)
Projected value
$193,906
Return breakdown
Property appreciation+$22,521
Loan principal paid down+$8,760
Rental cash flow+$12,000
10-year hold
+$92,875(271.0% ROI)
Projected value
$219,387
Return breakdown
Property appreciation+$48,002
Loan principal paid down+$20,873
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.16
1 BR
0.98
2 BR
0.97
3 BR
1.14
4 BR
1.25
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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ZIP 46298 fair market rent, FY 2027

For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 46298 (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 46298 is 42% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46298
BedroomsFY 2027Change90–110% range
Studio$1,187+6.2%$1,068–$1,306
1BR$1,336+5.4%$1,202–$1,470
2BR$1,536+4.3%$1,382–$1,690
3BR$1,991+4.4%$1,792–$2,190
4BR$2,425+3.7%$2,183–$2,668

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46298
Fiscal yearStudio1BR2BR3BR4BR
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 46298 rents

How much will Section 8 pay for a two-bedroom in ZIP 46298?

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 46298 in?

ZIP 46298 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 46298 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

County fair market rentIndianapolis, IN fair market rentIN statewide rentsWhat is SAFMR?Data sources