ZIP 47384 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 47384 in the Indianapolis-Carmel, IN FMR area.

Indianapolis-Carmel, IN

$900Efficiency
$9401 bedroom
$1,1402 bedrooms
$1,4103 bedrooms
$1,6204 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$900$810$990$1,187
1 bedroom$940$846$1,034$1,336
2 bedrooms$1,140$1,026$1,254$1,536
3 bedrooms$1,410$1,269$1,551$1,991
4 bedrooms$1,620$1,458$1,782$2,425

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

Henry County, IN

$900Efficiency
$9401 bedroom
$1,1402 bedrooms
$1,4103 bedrooms
$1,6204 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$900$810$990$805
1 bedroom$940$846$1,034$810
2 bedrooms$1,140$1,026$1,254$1,014
3 bedrooms$1,410$1,269$1,551$1,208
4 bedrooms$1,620$1,458$1,782$1,333

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

Income in ZIP 47384

$64,127average adjusted gross income per tax return (2022)
$47,705average salaries and wages per return
970tax returns filed
21%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00024.7%
$25,000 to $50,00024.7%
$50,000 to $75,00017.5%
$75,000 to $100,00012.4%
$100,000 to $200,00018.6%
$200,000 or more2.1%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 12.4% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 47384?

HUD's FY2027 Small Area FMRs for ZIP 47384 (Indianapolis-Carmel, IN) are $900 efficiency, $940 one bedroom, $1,140 two bedrooms, $1,410 three and $1,620 four bedrooms.

What payment standard can a housing authority set in ZIP 47384?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $1,026 to $1,254.

How affordable is rent in ZIP 47384?

Tax returns filed from ZIP 47384 reported an average adjusted gross income of $64,127 (2022). A two-bedroom unit at the Small Area FMR costs $13,680 a year, or 21% of that income.