ZIP 46117 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 46117 in the Indianapolis-Carmel, IN FMR area.

Indianapolis-Carmel, IN

$950Efficiency
$1,0201 bedroom
$1,2302 bedrooms
$1,5303 bedrooms
$1,7804 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$950$855$1,045$1,187
1 bedroom$1,020$918$1,122$1,336
2 bedrooms$1,230$1,107$1,353$1,536
3 bedrooms$1,530$1,377$1,683$1,991
4 bedrooms$1,780$1,602$1,958$2,425

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

Henry County, IN

$950Efficiency
$1,0201 bedroom
$1,2302 bedrooms
$1,5303 bedrooms
$1,7804 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$950$855$1,045$805
1 bedroom$1,020$918$1,122$810
2 bedrooms$1,230$1,107$1,353$1,014
3 bedrooms$1,530$1,377$1,683$1,208
4 bedrooms$1,780$1,602$1,958$1,333

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

Income in ZIP 46117

$72,934average adjusted gross income per tax return (2022)
$50,984average salaries and wages per return
320tax returns filed
20%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00028.1%
$25,000 to $50,00021.9%
$50,000 to $75,00012.5%
$75,000 to $100,00012.5%
$100,000 to $200,00025.0%
$200,000 or more0.0%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 12.5% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 46117?

HUD's FY2027 Small Area FMRs for ZIP 46117 (Indianapolis-Carmel, IN) are $950 efficiency, $1,020 one bedroom, $1,230 two bedrooms, $1,530 three and $1,780 four bedrooms.

What payment standard can a housing authority set in ZIP 46117?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $1,107 to $1,353.

How affordable is rent in ZIP 46117?

Tax returns filed from ZIP 46117 reported an average adjusted gross income of $72,934 (2022). A two-bedroom unit at the Small Area FMR costs $14,760 a year, or 20% of that income.