FMR is below market; voucher rent may lag private rents.
0.72
1 BR
1 BR
0.83ratio
FMR$1,080
Market$1,300
vs market-$220
FMR is below market; voucher rent may lag private rents.
0.83
2 BR
2 BR
0.86ratio
FMR$1,280
Market$1,480
vs market-$200
FMR is below market; voucher rent may lag private rents.
0.86
3 BR
3 BR
0.81ratio
FMR$1,530
Market$1,890
vs market-$360
FMR is below market; voucher rent may lag private rents.
0.81
4 BR
4 BR
0.93ratio
FMR$2,140
Market$2,290
vs market-$150
FMR is near market; voucher and private rents are aligned.
0.93
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 47962 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 47962 (Montmorenci, IN) is $1,280 a month. That is up 2.4% from $1,250 in FY 2026. Montmorenci is in the Lafayette-West Lafayette, 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 $1,273. Among 24 ZIP codes in Tippecanoe County, 47962 is tied for the 6th-highest two-bedroom rent (county range $1,040–$1,350). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 47962 is 18% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 47962
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$900
$950
+5.6%
$855–$1,045
1BR
$1,040
$1,080
+3.8%
$972–$1,188
2BR
$1,250
$1,280
+2.4%
$1,152–$1,408
3BR
$1,500
$1,530
+2.0%
$1,377–$1,683
4BR
$2,000
$2,140
+7.0%
$1,926–$2,354
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 47962
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$950
$1,080
$1,280
$1,530
$2,140
FY 2026
$900
$1,040
$1,250
$1,500
$2,000
FY 2025
$840
$980
$1,170
$1,410
$1,760
FY 2024
$780
$910
$1,070
$1,290
$1,610
FY 2023
$800
$920
$1,080
$1,330
$1,670
Two-bedroom rent in nearby Tippecanoe County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 47962?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,273, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,146 to $1,400 a month; under the ZIP-level Small Area FMR of $1,280 it would be $1,152 to $1,408. 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 47962 in?
ZIP 47962 is in the Lafayette-West Lafayette, IN HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,273.
How much did fair market rent change in ZIP 47962 for FY 2027?
The two-bedroom FMR rose 2.4%, from $1,250 in FY 2026 to $1,280 in FY 2027. Since FY 2023 it has risen 18.5%.
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