FMR is near market; voucher and private rents are aligned.
0.93
1 BR
1 BR
1.13ratio
FMR$1,170
Market$1,040
vs market+$130
FMR is above market; underwrite to market rent.
1.13
2 BR
2 BR
1.10ratio
FMR$1,370
Market$1,250
vs market+$120
FMR is near market; voucher and private rents are aligned.
1.10
3 BR
3 BR
1.13ratio
FMR$1,670
Market$1,480
vs market+$190
FMR is above market; underwrite to market rent.
1.13
4 BR
4 BR
0.97ratio
FMR$1,820
Market$1,880
vs market-$60
FMR is near market; voucher and private rents are aligned.
0.97
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 46556 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46556 (Notre Dame, IN) is $1,370 a month. That is down 9.9% from $1,520 in FY 2026. Notre Dame is in the South Bend-Mishawaka, IN HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,276. Among 30 ZIP codes in St. Joseph County, 46556 has the 5th-highest two-bedroom rent (county range $1,170–$1,910). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46556 is 26% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 46556
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,060
$960
−9.4%
$864–$1,056
1BR
$1,300
$1,170
−10.0%
$1,053–$1,287
2BR
$1,520
$1,370
−9.9%
$1,233–$1,507
3BR
$1,850
$1,670
−9.7%
$1,503–$1,837
4BR
$2,020
$1,820
−9.9%
$1,638–$2,002
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 46556
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$960
$1,170
$1,370
$1,670
$1,820
FY 2026
$1,060
$1,300
$1,520
$1,850
$2,020
FY 2025
$890
$1,100
$1,290
$1,590
$1,710
FY 2024
$790
$980
$1,160
$1,440
$1,540
FY 2023
$710
$870
$1,030
$1,310
$1,380
Two-bedroom rent in nearby St. Joseph County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 46556?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,276, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,148 to $1,404 a month; under the ZIP-level Small Area FMR of $1,370 it would be $1,233 to $1,507. 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 46556 in?
ZIP 46556 is in the South Bend-Mishawaka, IN HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,276.
How much did fair market rent change in ZIP 46556 for FY 2027?
The two-bedroom FMR fell 9.9%, from $1,520 in FY 2026 to $1,370 in FY 2027. Since FY 2023 it has risen 33.0%.
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