HUD Fair Market Rent · FY 2026 · effective Oct 1, 2025 to Sep 30, 2026
Fair Market Rent in Putnam County, Indiana (FY 2026)
A two-bedroom in Putnam County carries a FY 2026 Fair Market Rent of $1,030 a month, effective October 1, 2025 through September 30, 2026. Everything Section 8 pays in Putnam keys off that figure.
2 bedroom FMR
$1,030
FY 2026, utilities included
Payment standard range
$927 to $1,133
90% to 110% of FMR
Income to afford 2BR
$41,200
per year, at 30% of income
Rank in Indiana
43rd of 92
by 2BR FMR
HUD has already published FY 2027. On October 1, 2026 the two-bedroom rate in Putnam moves to $1,056. That's up 3%. The full FY 2027 table is in the history section below.
HUD's number is one input. What does a two-bedroom in Putnam actually rent for?
Search any address in Putnam for a rent estimate built from nearby comps, with the HUD figure right next to it.
FY 2026 Fair Market Rents
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2025 |
|---|---|---|---|---|---|
| Studio | $738 | $664 to $812 | $29,520 | $14.19/hr | -0.9% |
| 1 bedroom | $843 | $759 to $927 | $33,720 | $16.21/hr | +3.3% |
| 2 bedroom | $1,030 | $927 to $1,133 | $41,200 | $19.81/hr | -1.8% |
| 3 bedroom | $1,390 | $1,251 to $1,529 | $55,600 | $26.73/hr | -0.5% |
| 4 bedroom | $1,634 | $1,471 to $1,797 | $65,360 | $31.42/hr | -0.1% |
5 to 8 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 | $1,879 | $1,691 to $2,067 |
| 6 bedroom Estimate | $2,124 | $1,912 to $2,336 |
| 7 bedroom Estimate | $2,369 | $2,132 to $2,606 |
| 8 bedroom Estimate | $2,614 | $2,353 to $2,875 |
Source: HUD Office of Policy Development and Research, FY 2026 Fair Market Rents. Rents include utilities. huduser.gov
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 2026 that's October 1, 2025 through September 30, 2026. In Putnam, that runs from $738 for a studio up to $1,634 for four bedrooms, all five rates in the table above.
Because Putnam 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, Bainbridge included.
Among Indiana's 92 counties, Putnam ranks 43rd for two-bedroom FMR. That's about 2% above the state median of $1,009 and within a couple percent of the national median county at $1,018. About 36,942 people live here, 41st in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $1,020 in 46135 (Greencastle) and $1,210 in 46128 (Fillmore), with the 8 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.
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 Putnam somewhere between $927 and $1,133. 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.
$1,030 a month is affordable, by HUD's 30% rule, on an income of roughly $41,200 a year. Put another way, $20 an hour full time.
Worked example for a two-bedroom, assuming the rent equals the payment standard. Tenant pays 30% of monthly income, HUD's housing assistance payment covers the rest.
| Monthly household income | Tenant pays (30%) | HAP at 90% ($927) | HAP at 100% ($1,030) | HAP at 110% ($1,133) |
|---|---|---|---|---|
| $2,500 | $750 | $177 | $280 | $383 |
| $4,000 | $1,200 | $0 | $0 | $0 |
Rate history
The two-bedroom rate went down 2% from FY 2025 ($1,049) to FY 2026 ($1,030). Since FY 2020 it's up 37% in total, about 5.3% a year. The Indiana median moved up 2% over the same year.
| Year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $570 | $581 | $754 | $1,088 | $1,101 | — |
| FY 2021 | $572 | $590 | $762 | $1,091 | $1,156 | +1.1% |
| FY 2022 | $589 | $600 | $769 | $1,092 | $1,197 | +0.9% |
| FY 2023 | $663 | $692 | $901 | $1,242 | $1,409 | +17.2% |
| FY 2024 | $827 | $855 | $1,124 | $1,503 | $1,729 | +24.8% |
| FY 2025 | $745 | $816 | $1,049 | $1,397 | $1,636 | -6.7% |
| FY 2026 | $738 | $843 | $1,030 | $1,390 | $1,634 | -1.8% |
| FY 2027 | $790 | $905 | $1,056 | $1,462 | $1,742 | +2.5% |
Nearby counties
Questions people ask
$1,030 a month for FY 2026, which runs October 1, 2025 through September 30, 2026. The other rates are $738 for a studio, $843 for one bedroom, $1,390 for three and $1,634 for four.
Tools for this county
Fair Market Rent lookup
Look up any ZIP code's Small Area FMR by bedroom count.
Section 8 rent calculator
Work out the 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
See what income a household needs for a given rent.
What does a rental in Putnam actually go for?
HUD's number is one input. Search any address in Putnam for a rent estimate built from nearby comps. 3 free searches, no card.
Free tier. No credit card.