ZIP 46360 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 46360 in the Gary, IN FMR area.

Gary, IN

$960Efficiency

$1,0301 bedroom

$1,2402 bedrooms

$1,5203 bedrooms

$1,7504 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$960	$864	$1,056	$1,117
1 bedroom	$1,030	$927	$1,133	$1,176
2 bedrooms	$1,240	$1,116	$1,364	$1,429
3 bedrooms	$1,520	$1,368	$1,672	$1,739
4 bedrooms	$1,750	$1,575	$1,925	$1,898

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

Michigan City-La Porte, IN MSA

$960Efficiency

$1,0301 bedroom

$1,2402 bedrooms

$1,5203 bedrooms

$1,7504 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$960	$864	$1,056	$963
1 bedroom	$1,030	$927	$1,133	$1,031
2 bedrooms	$1,240	$1,116	$1,364	$1,245
3 bedrooms	$1,520	$1,368	$1,672	$1,525
4 bedrooms	$1,750	$1,575	$1,925	$1,762

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

Income in ZIP 46360

$62,209average adjusted gross income per tax return (2022)

$41,290average salaries and wages per return

19,480tax returns filed

24%of average income for a 2-bedroom SAFMR

Adjusted gross income	Share of returns
$1 to $25,000	34.0%
$25,000 to $50,000	27.4%
$50,000 to $75,000	15.4%
$75,000 to $100,000	8.6%
$100,000 to $200,000	11.2%
$200,000 or more	3.4%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 21.6% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 46360?

HUD's FY2027 Small Area FMRs for ZIP 46360 (Gary, IN) are $960 efficiency, $1,030 one bedroom, $1,240 two bedrooms, $1,520 three and $1,750 four bedrooms.

What payment standard can a housing authority set in ZIP 46360?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $1,116 to $1,364.

How affordable is rent in ZIP 46360?

Tax returns filed from ZIP 46360 reported an average adjusted gross income of $62,209 (2022). A two-bedroom unit at the Small Area FMR costs $14,880 a year, or 24% of that income.