HUD Fair Market Rent · FY 2027 · Effective Oct 1, 2026 to Sep 30, 2027
Fair Market Rent in Hamilton County, Indiana (FY 2027)
HUD's FY 2027 Fair Market Rent for a two-bedroom in Hamilton County is $1,536 a month. That's the number the housing authority starts from when it sets Section 8 payment standards here.
Two-bedroom FMR
$1,536
+4.3% from FY 2026
Payment standard
$1,382–$1,690
90% to 110% of the FMR, two-bedroom
Income to afford
$61,440
a year, with rent at 30% of income
Rank in Indiana
3rd of 92
by two-bedroom FMR, highest first
FY 2027 Fair Market Rents
Payment standard is the 90% to 110% band a housing authority can set. Income needed puts rent at 30% of gross income, and the hourly wage assumes a 40-hour week.
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2026 |
|---|---|---|---|---|---|
| Studio | $1,187 | $1,068–$1,306 | $47,480 | $22.83/hr | +6.2% |
| 1 bedroom | $1,336 | $1,202–$1,470 | $53,440 | $25.69/hr | +5.4% |
| 2 bedroom | $1,536 | $1,382–$1,690 | $61,440 | $29.54/hr | +4.3% |
| 3 bedroom | $1,991 | $1,792–$2,190 | $79,640 | $38.29/hr | +4.4% |
| 4 bedroom | $2,425 | $2,183–$2,668 | $97,000 | $46.63/hr | +3.7% |
Five to eight bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $2,789 | $2,510–$3,068 |
| 6 bedroom Estimate | $3,153 | $2,838–$3,468 |
| 7 bedroom Estimate | $3,516 | $3,164–$3,868 |
| 8 bedroom Estimate | $3,880 | $3,492–$4,268 |
Source: HUD Office of Policy Development and Research, FY 2027 Fair Market Rents. Rents include utilities. huduser.gov
Market check
HUD's number is one input. What does a two-bedroom in Hamilton actually rent for?
Search any address in Hamilton for a rent estimate built from nearby comps, with the HUD figure right next to it.
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What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Hamilton somewhere between $1,382 and $1,690. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$1,536 a month is affordable, by HUD's 30% rule, on an income of roughly $61,440 a year. Put another way, $30 an hour full time.
Worked example for a two-bedroom renting at the payment standard. The tenant pays 30% of monthly income and the voucher covers the rest.
| Monthly household income | Tenant pays (30%) | Voucher pays at 90%$1,382 | Voucher pays at 100%$1,536 | Voucher pays at 110%$1,690 |
|---|---|---|---|---|
| $2,500 | $750 | $632 | $786 | $940 |
| $4,000 | $1,200 | $182 | $336 | $490 |
Rate history
The two-bedroom rate went up 4% from FY 2026 ($1,473) to FY 2027 ($1,536). Since FY 2020 it's up 62% in total, about 7.2% a year. The Indiana median moved up 8% over the same year.
| Fiscal year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $674 | $778 | $946 | $1,256 | $1,439 | — |
| FY 2021 | $678 | $781 | $946 | $1,248 | $1,455 | 0.0% |
| FY 2022 | $677 | $782 | $939 | $1,231 | $1,456 | -0.7% |
| FY 2023 | $771 | $897 | $1,065 | $1,397 | $1,671 | +13.4% |
| FY 2024 | $982 | $1,145 | $1,349 | $1,758 | $2,126 | +26.7% |
| FY 2025 | $955 | $1,097 | $1,283 | $1,669 | $2,028 | -4.9% |
| FY 2026 | $1,118 | $1,267 | $1,473 | $1,907 | $2,338 | +14.8% |
| FY 2027In effect | $1,187 | $1,336 | $1,536 | $1,991 | $2,425 | +4.3% |
About this rate
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2027 that's October 1, 2026 through September 30, 2027. In Hamilton, that runs from $1,187 for a studio up to $2,425 for four bedrooms, all five rates in the table above.
This is a metro rate. The county doesn't get one of its own. HUD lumps Hamilton in with 8 other counties in the Indianapolis-Carmel metro, Marion County, Hendricks County, Johnson County among them, and every one of them gets $1,536 for a two-bedroom. Where you are inside the metro doesn't change the county number. It does change the ZIP number, covered below.
Among Indiana's 92 counties, Hamilton ranks 3rd for two-bedroom FMR. That's about 41% above the state median of $1,086 and about 44% above the national median county at $1,063. About 365,056 people live here, 4th in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $1,120 in 46069 (Sheridan) and $2,180 in 46280 (Indianapolis), with the 16 ZIP codes in between. Housing authorities in HUD-designated metros use those ZIP rates instead of the county rate. Everywhere else the ZIP numbers show where rents actually sit, and the county rate stays the official standard.
| ZIP | City | 2BR rate | vs county |
|---|---|---|---|
| 46030 | Arcadia | $1,270 | -17.3% |
| 46031 | Atlanta | $1,470 | -4.3% |
| 46032 | Carmel | $2,140 | +39.3% |
| 46033 | Carmel | $2,160 | +40.6% |
| 46034 | Cicero | $1,410 | -8.2% |
| 46037 | Fishers | $2,020 | +31.5% |
| 46038 | Fishers | $1,990 | +29.6% |
| 46060 | Noblesville | $1,660 | +8.1% |
| 46061 | Noblesville | $1,960 | +27.6% |
| 46062 | Noblesville | $1,870 | +21.7% |
| 46069 | Sheridan | $1,120 | -27.1% |
| 46074 | Westfield | $2,120 | +38.0% |
| 46082 | Carmel | $1,960 | +27.6% |
| 46085 | Fishers | $1,536County rate | — |
| 46262 | Indianapolis | $1,470 | -4.3% |
| 46280 | Indianapolis | $2,180 | +41.9% |
| 46288 | Indianapolis | $1,536County rate | — |
| 46290 | Indianapolis | $1,940 | +26.3% |
Counties sharing the Indianapolis-Carmel metro rate
HUD sets one rate for the whole metro, so every county here carries the same $1,536 two-bedroom figure as Hamilton.
Nearby counties
Two-bedroom FMR, with how each compares to Hamilton.
Marion County
16 mi · 975,809 people
$1,536
same rate
Hancock County
20 mi · 84,037 people
$1,536
same rate
Tipton County
20 mi · 15,346 people
$1,239
-19%
Madison County
21 mi · 131,900 people
$1,331
-13%
Boone County
22 mi · 74,718 people
$1,536
same rate
Clinton County
30 mi · 32,944 people
$1,063
-31%
Hendricks County
30 mi · 183,344 people
$1,536
same rate
Howard County
30 mi · 83,752 people
$1,179
-23%
Questions people ask
$1,536 a month for FY 2027, which runs October 1, 2026 through September 30, 2027. The other rates are $1,187 for a studio, $1,336 for one bedroom, $1,991 for three and $2,425 for four.
Tools for this county
Fair Market Rent lookup
Any ZIP code's Small Area FMR by bedroom count
Section 8 rent calculator
Payment standard and tenant share for a specific rent
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords
Rent affordability calculator
The income a household needs for a given rent
What does a rental in Hamilton actually go for?
HUD's number is one input. Search any address in Hamilton for a rent estimate built from nearby comps. Free to start, no card.
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