ZIP 47024 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 47024 in the Franklin County, IN FMR area.

Franklin County, IN

$970Efficiency
$1,0901 bedroom
$1,3202 bedrooms
$1,7303 bedrooms
$1,7304 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$970$873$1,067$841
1 bedroom$1,090$981$1,199$950
2 bedrooms$1,320$1,188$1,452$1,148
3 bedrooms$1,730$1,557$1,903$1,503
4 bedrooms$1,730$1,557$1,903$1,509

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

Fayette County, IN

$970Efficiency
$1,0901 bedroom
$1,3202 bedrooms
$1,7303 bedrooms
$1,7304 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$970$873$1,067$706
1 bedroom$1,090$981$1,199$843
2 bedrooms$1,320$1,188$1,452$1,014
3 bedrooms$1,730$1,557$1,903$1,261
4 bedrooms$1,730$1,557$1,903$1,350

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

Income in ZIP 47024

$53,959average adjusted gross income per tax return (2022)
$42,111average salaries and wages per return
1,240tax returns filed
29%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00033.1%
$25,000 to $50,00025.8%
$50,000 to $75,00016.9%
$75,000 to $100,00010.5%
$100,000 to $200,00013.7%
$200,000 or more0.0%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 21.8% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 47024?

HUD's FY2027 Small Area FMRs for ZIP 47024 (Franklin County, IN) are $970 efficiency, $1,090 one bedroom, $1,320 two bedrooms, $1,730 three and $1,730 four bedrooms.

What payment standard can a housing authority set in ZIP 47024?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $1,188 to $1,452.

How affordable is rent in ZIP 47024?

Tax returns filed from ZIP 47024 reported an average adjusted gross income of $53,959 (2022). A two-bedroom unit at the Small Area FMR costs $15,840 a year, or 29% of that income.