FMR is below market; voucher rent may lag private rents.
0.89
1 BR
1 BR
0.87ratio
FMR$800
Market$920
vs market-$120
FMR is below market; voucher rent may lag private rents.
0.87
2 BR
2 BR
0.91ratio
FMR$1,040
Market$1,140
vs market-$100
FMR is near market; voucher and private rents are aligned.
0.91
3 BR
3 BR
1.13ratio
FMR$1,390
Market$1,230
vs market+$160
FMR is above market; underwrite to market rent.
1.13
4 BR
4 BR
1.18ratio
FMR$1,420
Market$1,200
vs market+$220
FMR is above market; underwrite to market rent.
1.18
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 47245 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 47245 (Hayden, IN) is $1,040 a month. That is up 8.3% from $960 in FY 2026. Hayden is in the Jennings 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 $1,040. Among 14 ZIP codes in Jennings County, 47245 is tied for the 7th-highest two-bedroom rent (county range $1,010–$1,300). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 47245 is 4% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 47245
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$690
$780
+13.0%
$702–$858
1BR
$730
$800
+9.6%
$720–$880
2BR
$960
$1,040
+8.3%
$936–$1,144
3BR
$1,340
$1,390
+3.7%
$1,251–$1,529
4BR
$1,570
$1,420
−9.6%
$1,278–$1,562
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 47245
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$780
$800
$1,040
$1,390
$1,420
FY 2026
$690
$730
$960
$1,340
$1,570
FY 2025
$680
$710
$930
$1,300
$1,540
FY 2024area FMR
$630
$657
$863
$1,216
$1,447
FY 2023area FMR
$631
$635
$836
$1,152
$1,394
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Jennings County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 47245?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,040, which applies unless the housing authority uses Small Area FMRs, that basic range is $936 to $1,144 a month; under the ZIP-level Small Area FMR of $1,040 it would be $936 to $1,144. 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 47245 in?
ZIP 47245 is in the Jennings County, IN non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,040.
How much did fair market rent change in ZIP 47245 for FY 2027?
The two-bedroom FMR rose 8.3%, from $960 in FY 2026 to $1,040 in FY 2027. Since FY 2025 it has risen 11.8%.
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