HUD Fair Market Rent · FY 2027 · Effective Oct 1, 2026 to Sep 30, 2027
Fair Market Rent in Henry County, Indiana (FY 2027)
$1,014 a month. That's HUD's FY 2027 Fair Market Rent for a two-bedroom in Henry County, and it's the baseline every voucher in Henry is measured against.
Two-bedroom FMR
$1,014
+6.1% from FY 2026
Payment standard
$913–$1,115
90% to 110% of the FMR, two-bedroom
Income to afford
$40,560
a year, with rent at 30% of income
Rank in Indiana
72nd 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 | $805 | $725–$886 | $32,200 | $15.48/hr | +4.4% |
| 1 bedroom | $810 | $729–$891 | $32,400 | $15.58/hr | +4.5% |
| 2 bedroom | $1,014 | $913–$1,115 | $40,560 | $19.50/hr | +6.1% |
| 3 bedroom | $1,208 | $1,087–$1,329 | $48,320 | $23.23/hr | +5.4% |
| 4 bedroom | $1,333 | $1,200–$1,466 | $53,320 | $25.63/hr | +5.3% |
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 | $1,533 | $1,380–$1,686 |
| 6 bedroom Estimate | $1,733 | $1,560–$1,906 |
| 7 bedroom Estimate | $1,933 | $1,740–$2,126 |
| 8 bedroom Estimate | $2,133 | $1,920–$2,346 |
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 Henry actually rent for?
Search any address in Henry 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 Henry somewhere between $913 and $1,115. 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.
$1,014 a month is affordable, by HUD's 30% rule, on an income of roughly $40,560 a year. Put another way, $20 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%$913 | Voucher pays at 100%$1,014 | Voucher pays at 110%$1,115 |
|---|---|---|---|---|
| $2,500 | $750 | $163 | $264 | $365 |
| $4,000 | $1,200 | $0 | $0 | $0 |
Rate history
The two-bedroom rate went up 6% from FY 2026 ($956) to FY 2027 ($1,014). Since FY 2020 it's up 41% in total, about 5.1% 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 | $502 | $580 | $717 | $958 | $1,009 | — |
| FY 2021 | $490 | $595 | $742 | $989 | $1,006 | +3.5% |
| FY 2022 | $510 | $591 | $738 | $977 | $1,008 | -0.5% |
| FY 2023 | $648 | $652 | $826 | $1,071 | $1,128 | +11.9% |
| FY 2024 | $678 | $682 | $863 | $1,083 | $1,204 | +4.5% |
| FY 2025 | $729 | $733 | $928 | $1,128 | $1,248 | +7.5% |
| FY 2026 | $771 | $775 | $956 | $1,146 | $1,266 | +3.0% |
| FY 2027In effect | $805 | $810 | $1,014 | $1,208 | $1,333 | +6.1% |
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 Henry, that runs from $805 for a studio up to $1,333 for four bedrooms, all five rates in the table above.
Because Henry sits outside any HUD metro area, its rate is a county-wide figure built from local rents. One number covers every address in the county, Knightstown included.
Among Indiana's 92 counties, Henry ranks 72nd for two-bedroom FMR. That's about 7% below the state median of $1,086 and about 5% below the national median county at $1,063. About 48,970 people live here, 29th in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $1,010 in 47352 (Lewisville) and $1,520 in 47387 (Straughn), with the 15 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 |
|---|---|---|---|
| 46148 | Knightstown | $1,110 | +9.5% |
| 47337 | Dunreith | $1,440 | +42.0% |
| 47344 | Greensboro | $1,040 | +2.6% |
| 47351 | Kennard | $1,290 | +27.2% |
| 47352 | Lewisville | $1,010 | -0.4% |
| 47356 | Middletown | $1,090 | +7.5% |
| 47360 | Mooreland | $1,210 | +19.3% |
| 47361 | Mount Summit | $1,130 | +11.4% |
| 47362 | New Castle | $1,010 | -0.4% |
| 47366 | New Lisbon | $1,450 | +43.0% |
| 47384 | Shirley | $1,140 | +12.4% |
| 47385 | Spiceland | $1,010 | -0.4% |
| 47386 | Springport | $1,070 | +5.5% |
| 47387 | Straughn | $1,520 | +49.9% |
| 47388 | Sulphur Springs | $1,190 | +17.4% |
Nearby counties
Two-bedroom FMR, with how each compares to Henry.
Rush County
19 mi · 16,739 people
$1,014
same rate
Delaware County
20 mi · 112,280 people
$1,145
+13%
Hancock County
20 mi · 84,037 people
$1,536
+51%
Wayne County
20 mi · 66,397 people
$1,014
same rate
Fayette County
22 mi · 23,334 people
$1,014
same rate
Madison County
22 mi · 131,900 people
$1,331
+31%
Randolph County
26 mi · 24,387 people
$1,014
same rate
Shelby County
30 mi · 45,265 people
$1,536
+51%
Questions people ask
$1,014 a month for FY 2027, which runs October 1, 2026 through September 30, 2027. The other rates are $805 for a studio, $810 for one bedroom, $1,208 for three and $1,333 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 Henry actually go for?
HUD's number is one input. Search any address in Henry for a rent estimate built from nearby comps. Free to start, no card.
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