ZIP 47948 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 47948 in the Gary, IN FMR area.

Gary, IN

$790Efficiency

$8301 bedroom

$1,0102 bedrooms

$1,2403 bedrooms

$1,3704 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$790	$711	$869	$1,117
1 bedroom	$830	$747	$913	$1,176
2 bedrooms	$1,010	$909	$1,111	$1,429
3 bedrooms	$1,240	$1,116	$1,364	$1,739
4 bedrooms	$1,370	$1,233	$1,507	$1,898

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

Jasper County, IN

$790Efficiency

$8301 bedroom

$1,0102 bedrooms

$1,2403 bedrooms

$1,3704 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$790	$711	$869	$1,024
1 bedroom	$830	$747	$913	$1,031
2 bedrooms	$1,010	$909	$1,111	$1,349
3 bedrooms	$1,240	$1,116	$1,364	$1,741
4 bedrooms	$1,370	$1,233	$1,507	$1,773

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

Lafayette-West Lafayette, IN

$790Efficiency

$8301 bedroom

$1,0102 bedrooms

$1,2403 bedrooms

$1,3704 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$790	$711	$869	$942
1 bedroom	$830	$747	$913	$1,070
2 bedrooms	$1,010	$909	$1,111	$1,273
3 bedrooms	$1,240	$1,116	$1,364	$1,517
4 bedrooms	$1,370	$1,233	$1,507	$2,128

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

Income in ZIP 47948

$57,462average adjusted gross income per tax return (2022)

$39,621average salaries and wages per return

580tax returns filed

21%of average income for a 2-bedroom SAFMR

Adjusted gross income	Share of returns
$1 to $25,000	29.3%
$25,000 to $50,000	27.6%
$50,000 to $75,000	17.2%
$75,000 to $100,000	12.1%
$100,000 to $200,000	13.8%
$200,000 or more	0.0%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 17.2% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 47948?

HUD's FY2027 Small Area FMRs for ZIP 47948 (Gary, IN) are $790 efficiency, $830 one bedroom, $1,010 two bedrooms, $1,240 three and $1,370 four bedrooms.

What payment standard can a housing authority set in ZIP 47948?

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 47948?

Tax returns filed from ZIP 47948 reported an average adjusted gross income of $57,462 (2022). A two-bedroom unit at the Small Area FMR costs $12,120 a year, or 21% of that income.