ZIP 46123 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 46123 in the Indianapolis-Carmel, IN FMR area.

$1,480Efficiency
$1,6601 bedroom
$1,9102 bedrooms
$2,4803 bedrooms
$3,0104 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$1,480$1,332$1,628$1,187
1 bedroom$1,660$1,494$1,826$1,336
2 bedrooms$1,910$1,719$2,101$1,536
3 bedrooms$2,480$2,232$2,728$1,991
4 bedrooms$3,010$2,709$3,311$2,425

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

Income in ZIP 46123

$93,097average adjusted gross income per tax return (2022)
$66,642average salaries and wages per return
20,920tax returns filed
25%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00024.2%
$25,000 to $50,00018.9%
$50,000 to $75,00014.6%
$75,000 to $100,00011.1%
$100,000 to $200,00023.2%
$200,000 or more8.0%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 10.2% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 46123?

HUD's FY2027 Small Area FMRs for ZIP 46123 (Indianapolis-Carmel, IN) are $1,480 efficiency, $1,660 one bedroom, $1,910 two bedrooms, $2,480 three and $3,010 four bedrooms.

What payment standard can a housing authority set in ZIP 46123?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $1,719 to $2,101.

How affordable is rent in ZIP 46123?

Tax returns filed from ZIP 46123 reported an average adjusted gross income of $93,097 (2022). A two-bedroom unit at the Small Area FMR costs $22,920 a year, or 25% of that income.