FMR is near market; voucher and private rents are aligned.
1.07
2 BR
2 BR
0.99ratio
FMR$1,220
Market$1,230
vs market-$10
FMR is near market; voucher and private rents are aligned.
0.99
3 BR
3 BR
1.17ratio
FMR$1,540
Market$1,320
vs market+$220
FMR is above market; underwrite to market rent.
1.17
4 BR
4 BR
1.18ratio
FMR$2,010
Market$1,710
vs market+$300
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
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ZIP 47306 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 47306 (Muncie, IN) is $1,220 a month. That is up 10.9% from $1,100 in FY 2026. Muncie is in the Muncie, 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 $1,145. Among 23 ZIP codes in Delaware County, 47306 has the 5th-highest two-bedroom rent (county range $1,010–$1,410). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 47306 is 12% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 47306
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$850
$960
+12.9%
$864–$1,056
1BR
$900
$980
+8.9%
$882–$1,078
2BR
$1,100
$1,220
+10.9%
$1,098–$1,342
3BR
$1,430
$1,540
+7.7%
$1,386–$1,694
4BR
$1,780
$2,010
+12.9%
$1,809–$2,211
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 47306
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$960
$980
$1,220
$1,540
$2,010
FY 2026
$850
$900
$1,100
$1,430
$1,780
FY 2025
$780
$850
$1,030
$1,360
$1,570
FY 2024
$740
$820
$1,000
$1,340
$1,450
FY 2023
$670
$730
$890
$1,200
$1,260
Two-bedroom rent in nearby Delaware County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 47306?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,145, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,031 to $1,260 a month; under the ZIP-level Small Area FMR of $1,220 it would be $1,098 to $1,342. 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 47306 in?
ZIP 47306 is in the Muncie, IN MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,145.
How much did fair market rent change in ZIP 47306 for FY 2027?
The two-bedroom FMR rose 10.9%, from $1,100 in FY 2026 to $1,220 in FY 2027. Since FY 2023 it has risen 37.1%.
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