FMR is near market; voucher and private rents are aligned.
1.01
1 BR
1 BR
1.06ratio
FMR$890
Market$840
vs market+$50
FMR is near market; voucher and private rents are aligned.
1.06
2 BR
2 BR
0.91ratio
FMR$1,160
Market$1,280
vs market-$120
FMR is near market; voucher and private rents are aligned.
0.91
3 BR
3 BR
0.90ratio
FMR$1,410
Market$1,570
vs market-$160
FMR is below market; voucher rent may lag private rents.
0.90
4 BR
4 BR
0.90ratio
FMR$1,520
Market$1,680
vs market-$160
FMR is near market; voucher and private rents are aligned.
0.90
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 46581 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46581 (Warsaw, IN) is $1,160 a month. That is up 1.8% from $1,140 in FY 2026. Warsaw is in the Kosciusko County, IN non-metropolitan 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 county-wide two-bedroom FMR of $1,162. Among 24 ZIP codes in Kosciusko County, 46581 is tied for the 7th-highest two-bedroom rent (county range $1,010–$1,230). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46581 is 7% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 46581
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$870
$880
+1.1%
$792–$968
1BR
$880
$890
+1.1%
$801–$979
2BR
$1,140
$1,160
+1.8%
$1,044–$1,276
3BR
$1,380
$1,410
+2.2%
$1,269–$1,551
4BR
$1,560
$1,520
−2.6%
$1,368–$1,672
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 46581
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$880
$890
$1,160
$1,410
$1,520
FY 2026
$870
$880
$1,140
$1,380
$1,560
FY 2025
$870
$870
$1,080
$1,330
$1,520
FY 2024area FMR
$785
$790
$942
$1,162
$1,351
FY 2023area FMR
$623
$763
$893
$1,107
$1,255
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Kosciusko County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 46581?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,162, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,046 to $1,278 a month; under the ZIP-level Small Area FMR of $1,160 it would be $1,044 to $1,276. 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 46581 in?
ZIP 46581 is in the Kosciusko County, IN non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,162.
How much did fair market rent change in ZIP 46581 for FY 2027?
The two-bedroom FMR rose 1.8%, from $1,140 in FY 2026 to $1,160 in FY 2027. Since FY 2025 it has risen 7.4%.
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