FMR is below market; voucher rent may lag private rents.
0.83
1 BR
1 BR
0.91ratio
FMR$1,130
Market$1,240
vs market-$110
FMR is near market; voucher and private rents are aligned.
0.91
2 BR
2 BR
0.97ratio
FMR$1,290
Market$1,330
vs market-$40
FMR is near market; voucher and private rents are aligned.
0.97
3 BR
3 BR
0.79ratio
FMR$1,650
Market$2,080
vs market-$430
FMR is below market; voucher rent may lag private rents.
0.79
4 BR
4 BR
0.90ratio
FMR$1,990
Market$2,210
vs market-$220
FMR is near market; voucher and private rents are aligned.
0.90
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 47458 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 47458 (Smithville, IN) is $1,290 a month. That is up 4.9% from $1,230 in FY 2026. Smithville 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, 47458 is tied for the 2nd-highest two-bedroom rent (county range $1,010–$1,300). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 47458 is 19% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 47458
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$980
$1,030
+5.1%
$927–$1,133
1BR
$1,090
$1,130
+3.7%
$1,017–$1,243
2BR
$1,230
$1,290
+4.9%
$1,161–$1,419
3BR
$1,600
$1,650
+3.1%
$1,485–$1,815
4BR
$1,940
$1,990
+2.6%
$1,791–$2,189
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 47458
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,030
$1,130
$1,290
$1,650
$1,990
FY 2026
$980
$1,090
$1,230
$1,600
$1,940
FY 2025
$980
$1,100
$1,250
$1,650
$1,970
FY 2024
$890
$1,030
$1,180
$1,620
$1,900
FY 2023
$880
$1,030
$1,210
$1,690
$2,010
Two-bedroom rent in nearby Monroe County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 47458?
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 $1,290 it would be $1,161 to $1,419. 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 47458 in?
ZIP 47458 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 47458 for FY 2027?
The two-bedroom FMR rose 4.9%, from $1,230 in FY 2026 to $1,290 in FY 2027. Since FY 2023 it has risen 6.6%.
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