ZIP 47353 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 47353 in the Franklin County, IN FMR area.

Franklin County, IN

$760Efficiency

$7801 bedroom

$1,0202 bedrooms

$1,3303 bedrooms

$1,3704 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$760	$684	$836	$841
1 bedroom	$780	$702	$858	$950
2 bedrooms	$1,020	$918	$1,122	$1,148
3 bedrooms	$1,330	$1,197	$1,463	$1,503
4 bedrooms	$1,370	$1,233	$1,507	$1,509

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

Union County, IN

$760Efficiency

$7801 bedroom

$1,0202 bedrooms

$1,3303 bedrooms

$1,3704 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$760	$684	$836	$759
1 bedroom	$780	$702	$858	$775
2 bedrooms	$1,020	$918	$1,122	$1,014
3 bedrooms	$1,330	$1,197	$1,463	$1,248
4 bedrooms	$1,370	$1,233	$1,507	$1,356

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

Wayne County, IN

$760Efficiency

$7801 bedroom

$1,0202 bedrooms

$1,3303 bedrooms

$1,3704 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$760	$684	$836	$770
1 bedroom	$780	$702	$858	$775
2 bedrooms	$1,020	$918	$1,122	$1,014
3 bedrooms	$1,330	$1,197	$1,463	$1,281
4 bedrooms	$1,370	$1,233	$1,507	$1,333

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

Income in ZIP 47353

$60,926average adjusted gross income per tax return (2022)

$42,927average salaries and wages per return

2,570tax returns filed

20%of average income for a 2-bedroom SAFMR

Adjusted gross income	Share of returns
$1 to $25,000	29.2%
$25,000 to $50,000	23.7%
$50,000 to $75,000	16.7%
$75,000 to $100,000	12.5%
$100,000 to $200,000	15.2%
$200,000 or more	2.7%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 13.2% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 47353?

HUD's FY2027 Small Area FMRs for ZIP 47353 (Franklin County, IN) are $760 efficiency, $780 one bedroom, $1,020 two bedrooms, $1,330 three and $1,370 four bedrooms.

What payment standard can a housing authority set in ZIP 47353?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $918 to $1,122.

How affordable is rent in ZIP 47353?

Tax returns filed from ZIP 47353 reported an average adjusted gross income of $60,926 (2022). A two-bedroom unit at the Small Area FMR costs $12,240 a year, or 20% of that income.