ZIP 46031 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 46031 in the Indianapolis-Carmel, IN FMR area.

Indianapolis-Carmel, IN

$1,130Efficiency
$1,2401 bedroom
$1,4702 bedrooms
$1,8703 bedrooms
$2,2404 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$1,130$1,017$1,243$1,187
1 bedroom$1,240$1,116$1,364$1,336
2 bedrooms$1,470$1,323$1,617$1,536
3 bedrooms$1,870$1,683$2,057$1,991
4 bedrooms$2,240$2,016$2,464$2,425

Housing authorities may set voucher payment standards from 90% to 110% of the FMR that applies to them.

Tipton County, IN

$1,130Efficiency
$1,2401 bedroom
$1,4702 bedrooms
$1,8703 bedrooms
$2,2404 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$1,130$1,017$1,243$941
1 bedroom$1,240$1,116$1,364$947
2 bedrooms$1,470$1,323$1,617$1,239
3 bedrooms$1,870$1,683$2,057$1,476
4 bedrooms$2,240$2,016$2,464$1,628

Housing authorities may set voucher payment standards from 90% to 110% of the FMR that applies to them.

Income in ZIP 46031

$104,125average adjusted gross income per tax return (2022)
$52,760average salaries and wages per return
1,130tax returns filed
17%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00026.5%
$25,000 to $50,00021.2%
$50,000 to $75,00015.0%
$75,000 to $100,00011.5%
$100,000 to $200,00020.4%
$200,000 or more5.3%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 10.6% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 46031?

HUD's FY2027 Small Area FMRs for ZIP 46031 (Indianapolis-Carmel, IN) are $1,130 efficiency, $1,240 one bedroom, $1,470 two bedrooms, $1,870 three and $2,240 four bedrooms.

What payment standard can a housing authority set in ZIP 46031?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $1,323 to $1,617.

How affordable is rent in ZIP 46031?

Tax returns filed from ZIP 46031 reported an average adjusted gross income of $104,125 (2022). A two-bedroom unit at the Small Area FMR costs $17,640 a year, or 17% of that income.