47151

ZIPSAFMR

Floyd County, IN

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$910	$920	0.0%
1 BR	$990	$930	-0.7%
2 BR	$1,190	$1,240	-0.8%
3 BR	$1,520	$1,670	-1.7%
4 BR	$1,750	$1,790	-1.5%
5 BR	$2,012	Not available	-1.5%
6 BR	$2,314	Not available	-1.5%
7 BR	$2,662	Not available	-1.5%
8 BR	$3,061	Not available	-1.5%

Purchase Price Calculator

Maximum purchase price

$122,347

Cost breakdown

+Likely effective rent$1,240

HUD FMR$1,190

Market rent$1,260

Est. payment standard (104%)Used$1,240

-Principal and interest-$619

Loan amount$97,878

Down payment$24,469

Rate6.50%

Term30 years

-Operating costs-$421

Property taxes-$122

Insurance-$175

Utilities$0

HOA$0

Management-$124

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$20,114(82.2% ROI)

Projected value

$131,754

Return breakdown

Property appreciation+$9,407

Loan principal paid down+$3,507

Rental cash flow+$7,200

5-year hold

+$34,331(140.3% ROI)

Projected value

$138,424

Return breakdown

Property appreciation+$16,077

Loan principal paid down+$6,253

Rental cash flow+$12,000

10-year hold

+$73,168(299.0% ROI)

Projected value

$156,615

Return breakdown

Property appreciation+$34,268

Loan principal paid down+$14,901

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.99ratio

FMR$910

Market$920

vs market-$10

FMR is near market; voucher and private rents are aligned.

0.99

1 BR

1.06ratio

FMR$990

Market$930

vs market+$60

FMR is near market; voucher and private rents are aligned.

1.06

2 BR

0.94ratio

FMR$1,190

Market$1,260

vs market-$70

FMR is near market; voucher and private rents are aligned.

0.94

3 BR

0.86ratio

FMR$1,520

Market$1,760

vs market-$240

FMR is below market; voucher rent may lag private rents.

0.86

4 BR

0.97ratio

FMR$1,750

Market$1,810

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: --

ZIP 47151 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 47151 (New Albany, IN) is $1,190 a month. That is unchanged from FY 2026. New Albany is in the Louisville, KY-IN HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 12 ZIP codes in Floyd County, 47151 is tied for the 5th-highest two-bedroom rent (county range $1,010–$1,470). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 47151 is 10% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 47151
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$900	$910	+1.1%	$819–$1,001
1BR	$980	$990	+1.0%	$891–$1,089
2BR	$1,190	$1,190	0.0%	$1,071–$1,309
3BR	$1,520	$1,520	0.0%	$1,368–$1,672
4BR	$1,770	$1,750	−1.1%	$1,575–$1,925

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 47151
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$910	$990	$1,190	$1,520	$1,750
FY 2026	$900	$980	$1,190	$1,520	$1,770
FY 2025	$940	$1,020	$1,240	$1,600	$1,850
FY 2024	$910	$1,010	$1,220	$1,600	$1,830
FY 2023	$740	$830	$1,000	$1,330	$1,520

Two-bedroom rent in nearby Floyd County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 47151
47106	$1,050	−11.8%
47117	$1,010	−15.1%
47119	$1,470	+23.5%
47122	$1,110	−6.7%
47124	$1,340	+12.6%
47136	$1,120	−5.9%
47146	$1,190	0.0%
47150	$1,250	+5.0%
47151Current	$1,190	—
47164	$1,010	−15.1%
47165	$1,070	−10.1%
47172	$1,310	+10.1%

Questions about ZIP 47151 rents

How much will Section 8 pay for a two-bedroom in ZIP 47151?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,190, that basic range is $1,071 to $1,309 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 47151 in?

ZIP 47151 is in the Louisville, KY-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 47151 for FY 2027?

The two-bedroom FMR was unchanged at $1,190 in FY 2027. Since FY 2023 it has risen 19.0%.

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

County fair market rent New Albany, IN fair market rent IN statewide rents What is SAFMR?Data sources