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Howard County/Kokomo/46902

46902

ZIPSAFMR
Howard County, IN
Zillow

ZIP Investment Score

99Above average

095130300
BRFMR
Eff. Rent
0 BR$920$750
1 BR$920$830
2 BR$1,190$980
3 BR$1,430$1,480
4 BR$1,650$1,750
5 BR$1,897Not available
6 BR$2,182Not available
7 BR$2,509Not available
8 BR$2,886Not available

Purchase Price Calculator

Maximum purchase price
$83,711

Cost breakdown

+Likely effective rent$980
HUD FMR$1,190
Market rentUsed$980
Est. payment standard (90%)$1,070
-Principal and interest-$423
Loan amount$66,969
Down payment$16,742
Rate6.50%
Term30 years
-Operating costs-$357
Property taxes-$84
Insurance-$175
Utilities$0
HOA$0
Management-$98
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$16,036(95.8% ROI)
Projected value
$90,148
Return breakdown
Property appreciation+$6,437
Loan principal paid down+$2,399
Rental cash flow+$7,200
5-year hold
+$27,279(162.9% ROI)
Projected value
$94,711
Return breakdown
Property appreciation+$11,000
Loan principal paid down+$4,279
Rental cash flow+$12,000
10-year hold
+$57,641(344.3% ROI)
Projected value
$107,157
Return breakdown
Property appreciation+$23,446
Loan principal paid down+$10,195
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.23
1 BR
1.11
2 BR
1.21
3 BR
0.95
4 BR
0.91
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 46902 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 46902 (Kokomo, IN) is $1,190 a month. That is up 4.4% from $1,140 in FY 2026. Kokomo is in the Kokomo, IN MSA. 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 $1,179. Among 17 ZIP codes in Howard County, 46902 is tied for the 3rd-highest two-bedroom rent (county range $1,020–$1,380). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 46902 is 10% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 46902
BedroomsFY 2027Change90–110% range
Studio$920+2.2%$828–$1,012
1BR$920+2.2%$828–$1,012
2BR$1,190+4.4%$1,071–$1,309
3BR$1,430+1.4%$1,287–$1,573
4BR$1,650+3.8%$1,485–$1,815

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 46902
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$920$920$1,190$1,430$1,650
FY 2026$900$900$1,140$1,410$1,590
FY 2025$820$830$1,040$1,310$1,460
FY 2024$820$830$1,020$1,350$1,490
FY 2023$680$710$870$1,180$1,300

Two-bedroom rent in nearby Howard County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 46902
46901$1,120−5.9%
46902Current$1,190—
46903$1,180−0.8%
46904$1,180−0.8%
46919$1,020−14.3%
46928$1,090−8.4%
46929$1,020−14.3%
46932$1,020−14.3%
46936$1,180−0.8%
46937$1,1900.0%
46965$1,1900.0%
46979$1,180−0.8%

Questions about ZIP 46902 rents

How much will Section 8 pay for a two-bedroom in ZIP 46902?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,179, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,061 to $1,297 a month; under the ZIP-level Small Area FMR of $1,190 it would be $1,071 to $1,309. 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 46902 in?

ZIP 46902 is in the Kokomo, IN MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,179.

How much did fair market rent change in ZIP 46902 for FY 2027?

The two-bedroom FMR rose 4.4%, from $1,140 in FY 2026 to $1,190 in FY 2027. Since FY 2023 it has risen 36.8%.

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

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