ZIP 47943 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 47943 in the Gary, IN FMR area.

Gary, IN

$960Efficiency
$9801 bedroom
$1,2402 bedrooms
$1,5603 bedrooms
$1,6404 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$960$864$1,056$1,117
1 bedroom$980$882$1,078$1,176
2 bedrooms$1,240$1,116$1,364$1,429
3 bedrooms$1,560$1,404$1,716$1,739
4 bedrooms$1,640$1,476$1,804$1,898

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

Jasper County, IN

$960Efficiency
$9801 bedroom
$1,2402 bedrooms
$1,5603 bedrooms
$1,6404 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$960$864$1,056$1,024
1 bedroom$980$882$1,078$1,031
2 bedrooms$1,240$1,116$1,364$1,349
3 bedrooms$1,560$1,404$1,716$1,741
4 bedrooms$1,640$1,476$1,804$1,773

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

Income in ZIP 47943

$68,825average adjusted gross income per tax return (2022)
$50,508average salaries and wages per return
480tax returns filed
22%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00025.0%
$25,000 to $50,00022.9%
$50,000 to $75,00020.8%
$75,000 to $100,00010.4%
$100,000 to $200,00020.8%
$200,000 or more0.0%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 8.3% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 47943?

HUD's FY2027 Small Area FMRs for ZIP 47943 (Gary, IN) are $960 efficiency, $980 one bedroom, $1,240 two bedrooms, $1,560 three and $1,640 four bedrooms.

What payment standard can a housing authority set in ZIP 47943?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $1,116 to $1,364.

How affordable is rent in ZIP 47943?

Tax returns filed from ZIP 47943 reported an average adjusted gross income of $68,825 (2022). A two-bedroom unit at the Small Area FMR costs $14,880 a year, or 22% of that income.