Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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ZIP 47536 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 47536 (Fulda, IN) is $1,014 a month. That is up 6.1% from $956 in FY 2026. Fulda is in the Spencer County, IN non-metropolitan FMR area. One county-wide FMR applies to every ZIP code in it. The median county two-bedroom FMR in Indiana is $1,086, so ZIP 47536 is 7% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 47536
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$659
$706
+7.1%
$635–$777
1BR
$729
$775
+6.3%
$698–$853
2BR
$956
$1,014
+6.1%
$913–$1,115
3BR
$1,330
$1,351
+1.6%
$1,216–$1,486
4BR
$1,382
$1,356
−1.9%
$1,220–$1,492
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 47536
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$706
$775
$1,014
$1,351
$1,356
FY 2026
$659
$729
$956
$1,330
$1,382
FY 2025SAFMR
$640
$710
$930
$1,300
$1,450
FY 2024
$585
$657
$863
$1,184
$1,407
FY 2023
$552
$628
$826
$1,098
$1,358
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Questions about ZIP 47536 rents
How much will Section 8 pay for a two-bedroom in ZIP 47536?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,014, that basic range is $913 to $1,115 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 47536 in?
ZIP 47536 is in the Spencer County, IN non-metropolitan FMR area.
How much did fair market rent change in ZIP 47536 for FY 2027?
The two-bedroom FMR rose 6.1%, from $956 in FY 2026 to $1,014 in FY 2027. Since FY 2023 it has risen 22.8%.
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 Fair Market Rents. 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