ZIP 47331 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 47331 in the Franklin County, IN FMR area.

Franklin County, IN

$720Efficiency

$8401 bedroom

$1,0102 bedrooms

$1,3303 bedrooms

$1,3604 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$720	$648	$792	$841
1 bedroom	$840	$756	$924	$950
2 bedrooms	$1,010	$909	$1,111	$1,148
3 bedrooms	$1,330	$1,197	$1,463	$1,503
4 bedrooms	$1,360	$1,224	$1,496	$1,509

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

Fayette County, IN

$720Efficiency

$8401 bedroom

$1,0102 bedrooms

$1,3303 bedrooms

$1,3604 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$720	$648	$792	$706
1 bedroom	$840	$756	$924	$843
2 bedrooms	$1,010	$909	$1,111	$1,014
3 bedrooms	$1,330	$1,197	$1,463	$1,261
4 bedrooms	$1,360	$1,224	$1,496	$1,350

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

Union County, IN

$720Efficiency

$8401 bedroom

$1,0102 bedrooms

$1,3303 bedrooms

$1,3604 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$720	$648	$792	$759
1 bedroom	$840	$756	$924	$775
2 bedrooms	$1,010	$909	$1,111	$1,014
3 bedrooms	$1,330	$1,197	$1,463	$1,248
4 bedrooms	$1,360	$1,224	$1,496	$1,356

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

Wayne County, IN

$720Efficiency

$8401 bedroom

$1,0102 bedrooms

$1,3303 bedrooms

$1,3604 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$720	$648	$792	$770
1 bedroom	$840	$756	$924	$775
2 bedrooms	$1,010	$909	$1,111	$1,014
3 bedrooms	$1,330	$1,197	$1,463	$1,281
4 bedrooms	$1,360	$1,224	$1,496	$1,333

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

Income in ZIP 47331

$51,951average adjusted gross income per tax return (2022)

$38,279average salaries and wages per return

9,840tax returns filed

23%of average income for a 2-bedroom SAFMR

Adjusted gross income	Share of returns
$1 to $25,000	35.4%
$25,000 to $50,000	26.5%
$50,000 to $75,000	15.8%
$75,000 to $100,000	9.5%
$100,000 to $200,000	11.3%
$200,000 or more	1.6%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 19.6% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 47331?

HUD's FY2027 Small Area FMRs for ZIP 47331 (Franklin County, IN) are $720 efficiency, $840 one bedroom, $1,010 two bedrooms, $1,330 three and $1,360 four bedrooms.

What payment standard can a housing authority set in ZIP 47331?

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 47331?

Tax returns filed from ZIP 47331 reported an average adjusted gross income of $51,951 (2022). A two-bedroom unit at the Small Area FMR costs $12,120 a year, or 23% of that income.