HUD Fair Market Rent · FY 2026 · effective Oct 1, 2025 to Sep 30, 2026
Fair Market Rent in Spencer County, Indiana (FY 2026)
HUD's FY 2026 Fair Market Rent for a two-bedroom in Spencer County is $956 a month. That's the number the housing authority starts from when it sets Section 8 payment standards here.
2 bedroom FMR
$956
FY 2026, utilities included
Payment standard range
$860 to $1,052
90% to 110% of FMR
Income to afford 2BR
$38,240
per year, at 30% of income
Rank in Indiana
86th of 92
by 2BR FMR
HUD has already published FY 2027. On October 1, 2026 the two-bedroom rate in Spencer moves to $1,014. That's up 6%. The full FY 2027 table is in the history section below.
HUD's number is one input. What does a two-bedroom in Spencer actually rent for?
Search any address in Spencer 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 | $659 | $593 to $725 | $26,360 | $12.67/hr | +3.6% |
| 1 bedroom | $729 | $656 to $802 | $29,160 | $14.02/hr | +3.1% |
| 2 bedroom | $956 | $860 to $1,052 | $38,240 | $18.38/hr | +3.0% |
| 3 bedroom | $1,330 | $1,197 to $1,463 | $53,200 | $25.58/hr | +2.3% |
| 4 bedroom | $1,382 | $1,244 to $1,520 | $55,280 | $26.58/hr | -4.3% |
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 | $1,589 | $1,430 to $1,748 |
| 6 bedroom Estimate | $1,797 | $1,617 to $1,977 |
| 7 bedroom Estimate | $2,004 | $1,804 to $2,204 |
| 8 bedroom Estimate | $2,211 | $1,990 to $2,432 |
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 Spencer, that runs from $659 for a studio up to $1,382 for four bedrooms, all five rates in the table above.
Because Spencer 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, Dale included.
Among Indiana's 92 counties, Spencer ranks 86th for two-bedroom FMR. That's about 5% below the state median of $1,009 and about 6% below the national median county at $1,018. About 19,935 people live here, 73rd in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $960 in 47537 (Gentryville) and $1,430 in 47634 (Richland), with the 14 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 |
|---|---|---|---|
| 47523 | Dale | $980 | +2.5% |
| 47531 | Evanston | $1,140 | +19.2% |
| 47536 | Fulda | $956County rate | — |
| 47537 | Gentryville | $960 | +0.4% |
| 47550 | Lamar | $960 | +0.4% |
| 47552 | Lincoln City | $1,030 | +7.7% |
| 47556 | Mariah Hill | $960 | +0.4% |
| 47577 | Saint Meinrad | $1,100 | +15.1% |
| 47579 | Santa Claus | $1,410 | +47.5% |
| 47588 | Troy | $1,190 | +24.5% |
| 47611 | Chrisney | $1,040 | +8.8% |
| 47615 | Grandview | $1,150 | +20.3% |
| 47617 | Hatfield | $960 | +0.4% |
| 47634 | Richland | $1,430 | +49.6% |
| 47635 | Rockport | $960 | +0.4% |
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 Spencer somewhere between $860 and $1,052. 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.
$956 a month is affordable, by HUD's 30% rule, on an income of roughly $38,240 a year. Put another way, $18 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% ($860) | HAP at 100% ($956) | HAP at 110% ($1,052) |
|---|---|---|---|---|
| $2,500 | $750 | $110 | $206 | $302 |
| $4,000 | $1,200 | $0 | $0 | $0 |
Rate history
The two-bedroom rate went up 3% from FY 2025 ($928) to FY 2026 ($956). Since FY 2020 it's up 34% in total, about 5.0% 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 | $465 | $548 | $714 | $972 | $1,121 | — |
| FY 2021 | $483 | $555 | $732 | $969 | $1,196 | +2.5% |
| FY 2022 | $490 | $561 | $738 | $962 | $1,211 | +0.8% |
| FY 2023 | $552 | $628 | $826 | $1,098 | $1,358 | +11.9% |
| FY 2024 | $585 | $657 | $863 | $1,184 | $1,407 | +4.5% |
| FY 2025 | $636 | $707 | $928 | $1,300 | $1,444 | +7.5% |
| FY 2026 | $659 | $729 | $956 | $1,330 | $1,382 | +3.0% |
| FY 2027 | $706 | $775 | $1,014 | $1,351 | $1,356 | +6.1% |
Nearby counties
Questions people ask
$956 a month for FY 2026, which runs October 1, 2025 through September 30, 2026. The other rates are $659 for a studio, $729 for one bedroom, $1,330 for three and $1,382 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 Spencer actually go for?
HUD's number is one input. Search any address in Spencer for a rent estimate built from nearby comps. 3 free searches, no card.
Free tier. No credit card.