ZIP 46340 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 46340 in the Michigan City-La Porte, IN MSA FMR area.

$830Efficiency
$8901 bedroom
$1,0702 bedrooms
$1,3103 bedrooms
$1,5204 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$830$747$913$963
1 bedroom$890$801$979$1,031
2 bedrooms$1,070$963$1,177$1,245
3 bedrooms$1,310$1,179$1,441$1,525
4 bedrooms$1,520$1,368$1,672$1,762

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

Income in ZIP 46340

$71,893average adjusted gross income per tax return (2022)
$50,534average salaries and wages per return
580tax returns filed
18%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00024.1%
$25,000 to $50,00020.7%
$50,000 to $75,00017.2%
$75,000 to $100,00012.1%
$100,000 to $200,00022.4%
$200,000 or more3.4%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 5.2% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 46340?

HUD's FY2027 Small Area FMRs for ZIP 46340 (Michigan City-La Porte, IN MSA) are $830 efficiency, $890 one bedroom, $1,070 two bedrooms, $1,310 three and $1,520 four bedrooms.

What payment standard can a housing authority set in ZIP 46340?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $963 to $1,177.

How affordable is rent in ZIP 46340?

Tax returns filed from ZIP 46340 reported an average adjusted gross income of $71,893 (2022). A two-bedroom unit at the Small Area FMR costs $12,840 a year, or 18% of that income.