ZIP 47235 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 47235 in the Indianapolis-Carmel, IN FMR area.

Indianapolis-Carmel, IN

$780Efficiency

$8501 bedroom

$1,0102 bedrooms

$1,3103 bedrooms

$1,5604 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$780	$702	$858	$1,187
1 bedroom	$850	$765	$935	$1,336
2 bedrooms	$1,010	$909	$1,111	$1,536
3 bedrooms	$1,310	$1,179	$1,441	$1,991
4 bedrooms	$1,560	$1,404	$1,716	$2,425

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

Jackson County, IN

$780Efficiency

$8501 bedroom

$1,0102 bedrooms

$1,3103 bedrooms

$1,5604 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$780	$702	$858	$867
1 bedroom	$850	$765	$935	$873
2 bedrooms	$1,010	$909	$1,111	$1,142
3 bedrooms	$1,310	$1,179	$1,441	$1,445
4 bedrooms	$1,560	$1,404	$1,716	$1,507

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

Income in ZIP 47235

$64,238average adjusted gross income per tax return (2022)

$47,418average salaries and wages per return

880tax returns filed

19%of average income for a 2-bedroom SAFMR

Adjusted gross income	Share of returns
$1 to $25,000	29.5%
$25,000 to $50,000	25.0%
$50,000 to $75,000	14.8%
$75,000 to $100,000	11.4%
$100,000 to $200,000	15.9%
$200,000 or more	3.4%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 15.9% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 47235?

HUD's FY2027 Small Area FMRs for ZIP 47235 (Indianapolis-Carmel, IN) are $780 efficiency, $850 one bedroom, $1,010 two bedrooms, $1,310 three and $1,560 four bedrooms.

What payment standard can a housing authority set in ZIP 47235?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $909 to $1,111.

How affordable is rent in ZIP 47235?

Tax returns filed from ZIP 47235 reported an average adjusted gross income of $64,238 (2022). A two-bedroom unit at the Small Area FMR costs $12,120 a year, or 19% of that income.