ZIP 47240 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 47240 in the Franklin County, IN FMR area.

Franklin County, IN

$840Efficiency

$8601 bedroom

$1,1202 bedrooms

$1,3403 bedrooms

$1,5604 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$840	$756	$924	$841
1 bedroom	$860	$774	$946	$950
2 bedrooms	$1,120	$1,008	$1,232	$1,148
3 bedrooms	$1,340	$1,206	$1,474	$1,503
4 bedrooms	$1,560	$1,404	$1,716	$1,509

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

Columbus, IN MSA

$840Efficiency

$8601 bedroom

$1,1202 bedrooms

$1,3403 bedrooms

$1,5604 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$840	$756	$924	$1,261
1 bedroom	$860	$774	$946	$1,276
2 bedrooms	$1,120	$1,008	$1,232	$1,493
3 bedrooms	$1,340	$1,206	$1,474	$1,779
4 bedrooms	$1,560	$1,404	$1,716	$2,126

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

Indianapolis-Carmel, IN

$840Efficiency

$8601 bedroom

$1,1202 bedrooms

$1,3403 bedrooms

$1,5604 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$840	$756	$924	$1,187
1 bedroom	$860	$774	$946	$1,336
2 bedrooms	$1,120	$1,008	$1,232	$1,536
3 bedrooms	$1,340	$1,206	$1,474	$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.

Decatur County, IN

$840Efficiency

$8601 bedroom

$1,1202 bedrooms

$1,3403 bedrooms

$1,5604 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$840	$756	$924	$832
1 bedroom	$860	$774	$946	$850
2 bedrooms	$1,120	$1,008	$1,232	$1,112
3 bedrooms	$1,340	$1,206	$1,474	$1,325
4 bedrooms	$1,560	$1,404	$1,716	$1,461

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

Ripley County, IN

$840Efficiency

$8601 bedroom

$1,1202 bedrooms

$1,3403 bedrooms

$1,5604 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$840	$756	$924	$788
1 bedroom	$860	$774	$946	$805
2 bedrooms	$1,120	$1,008	$1,232	$1,053
3 bedrooms	$1,340	$1,206	$1,474	$1,363
4 bedrooms	$1,560	$1,404	$1,716	$1,384

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

Rush County, IN

$840Efficiency

$8601 bedroom

$1,1202 bedrooms

$1,3403 bedrooms

$1,5604 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$840	$756	$924	$759
1 bedroom	$860	$774	$946	$786
2 bedrooms	$1,120	$1,008	$1,232	$1,014
3 bedrooms	$1,340	$1,206	$1,474	$1,208
4 bedrooms	$1,560	$1,404	$1,716	$1,333

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

Income in ZIP 47240

$66,093average adjusted gross income per tax return (2022)

$47,786average salaries and wages per return

10,610tax returns filed

20%of average income for a 2-bedroom SAFMR

Adjusted gross income	Share of returns
$1 to $25,000	28.9%
$25,000 to $50,000	25.5%
$50,000 to $75,000	16.0%
$75,000 to $100,000	10.5%
$100,000 to $200,000	15.5%
$200,000 or more	3.6%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 13.8% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 47240?

HUD's FY2027 Small Area FMRs for ZIP 47240 (Franklin County, IN) are $840 efficiency, $860 one bedroom, $1,120 two bedrooms, $1,340 three and $1,560 four bedrooms.

What payment standard can a housing authority set in ZIP 47240?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $1,008 to $1,232.

How affordable is rent in ZIP 47240?

Tax returns filed from ZIP 47240 reported an average adjusted gross income of $66,093 (2022). A two-bedroom unit at the Small Area FMR costs $13,440 a year, or 20% of that income.