ZIP 46229 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 46229 in the Indianapolis-Carmel, IN FMR area.

$1,040Efficiency
$1,1701 bedroom
$1,3502 bedrooms
$1,7503 bedrooms
$2,1304 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$1,040$936$1,144$1,187
1 bedroom$1,170$1,053$1,287$1,336
2 bedrooms$1,350$1,215$1,485$1,536
3 bedrooms$1,750$1,575$1,925$1,991
4 bedrooms$2,130$1,917$2,343$2,425

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

Income in ZIP 46229

$48,530average adjusted gross income per tax return (2022)
$39,575average salaries and wages per return
14,150tax returns filed
33%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00033.6%
$25,000 to $50,00030.7%
$50,000 to $75,00017.4%
$75,000 to $100,0008.3%
$100,000 to $200,0009.0%
$200,000 or more1.0%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 26.0% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 46229?

HUD's FY2027 Small Area FMRs for ZIP 46229 (Indianapolis-Carmel, IN) are $1,040 efficiency, $1,170 one bedroom, $1,350 two bedrooms, $1,750 three and $2,130 four bedrooms.

What payment standard can a housing authority set in ZIP 46229?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $1,215 to $1,485.

How affordable is rent in ZIP 46229?

Tax returns filed from ZIP 46229 reported an average adjusted gross income of $48,530 (2022). A two-bedroom unit at the Small Area FMR costs $16,200 a year, or 33% of that income.