FMR is below market; voucher rent may lag private rents.
0.71
1 BR
1 BR
0.79ratio
FMR$1,110
Market$1,410
vs market-$300
FMR is below market; voucher rent may lag private rents.
0.79
2 BR
2 BR
0.60ratio
FMR$1,270
Market$2,130
vs market-$860
FMR is below market; voucher rent may lag private rents.
0.60
3 BR
3 BR
0.62ratio
FMR$1,620
Market$2,630
vs market-$1,010
FMR is below market; voucher rent may lag private rents.
0.62
4 BR
4 BR
0.42ratio
FMR$1,950
Market$4,660
vs market-$2,710
FMR is below market; voucher rent may lag private rents.
0.42
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 47406 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 47406 (Bloomington, IN) is $1,270 a month. That is up 5.0% from $1,210 in FY 2026. Bloomington is in the Bloomington, IN HUD Metro 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 metro-wide two-bedroom FMR of $1,252. Among 22 ZIP codes in Monroe County, 47406 is tied for the 5th-highest two-bedroom rent (county range $1,010–$1,300). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 47406 is 17% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 47406
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$960
$1,010
+5.2%
$909–$1,111
1BR
$1,070
$1,110
+3.7%
$999–$1,221
2BR
$1,210
$1,270
+5.0%
$1,143–$1,397
3BR
$1,570
$1,620
+3.2%
$1,458–$1,782
4BR
$1,900
$1,950
+2.6%
$1,755–$2,145
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 47406
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,010
$1,110
$1,270
$1,620
$1,950
FY 2026
$960
$1,070
$1,210
$1,570
$1,900
FY 2025
$940
$1,060
$1,200
$1,580
$1,890
FY 2024
$820
$950
$1,090
$1,500
$1,760
FY 2023
$810
$950
$1,120
$1,570
$1,860
Two-bedroom rent in nearby Monroe County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 47406?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,252, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,127 to $1,377 a month; under the ZIP-level Small Area FMR of $1,270 it would be $1,143 to $1,397. 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 47406 in?
ZIP 47406 is in the Bloomington, IN HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,252.
How much did fair market rent change in ZIP 47406 for FY 2027?
The two-bedroom FMR rose 5.0%, from $1,210 in FY 2026 to $1,270 in FY 2027. Since FY 2023 it has risen 13.4%.
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