ZIP 46115 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 46115 in the Indianapolis-Carmel, IN FMR area.

Indianapolis-Carmel, IN

$760Efficiency

$8501 bedroom

$1,0102 bedrooms

$1,3003 bedrooms

$1,5604 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$760	$684	$836	$1,187
1 bedroom	$850	$765	$935	$1,336
2 bedrooms	$1,010	$909	$1,111	$1,536
3 bedrooms	$1,300	$1,170	$1,430	$1,991
4 bedrooms	$1,560	$1,404	$1,716	$2,425

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

Rush County, IN

$760Efficiency

$8501 bedroom

$1,0102 bedrooms

$1,3003 bedrooms

$1,5604 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$760	$684	$836	$759
1 bedroom	$850	$765	$935	$786
2 bedrooms	$1,010	$909	$1,111	$1,014
3 bedrooms	$1,300	$1,170	$1,430	$1,208
4 bedrooms	$1,560	$1,404	$1,716	$1,333

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

Income in ZIP 46115

$68,271average adjusted gross income per tax return (2022)

$47,587average salaries and wages per return

920tax returns filed

18%of average income for a 2-bedroom SAFMR

Adjusted gross income	Share of returns
$1 to $25,000	26.1%
$25,000 to $50,000	25.0%
$50,000 to $75,000	18.5%
$75,000 to $100,000	9.8%
$100,000 to $200,000	17.4%
$200,000 or more	3.3%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 13.0% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 46115?

HUD's FY2027 Small Area FMRs for ZIP 46115 (Indianapolis-Carmel, IN) are $760 efficiency, $850 one bedroom, $1,010 two bedrooms, $1,300 three and $1,560 four bedrooms.

What payment standard can a housing authority set in ZIP 46115?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $909 to $1,111.

How affordable is rent in ZIP 46115?

Tax returns filed from ZIP 46115 reported an average adjusted gross income of $68,271 (2022). A two-bedroom unit at the Small Area FMR costs $12,120 a year, or 18% of that income.