HUD Fair Market Rent · FY 2027 · Effective Oct 1, 2026 to Sep 30, 2027
Fair Market Rent in Spencer County, Indiana (FY 2027)
HUD's FY 2027 Fair Market Rent for a two-bedroom in Spencer County is $1,014 a month. That's the number the housing authority starts from when it sets Section 8 payment standards here.
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
86th 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 | $706 | $635–$777 | $28,240 | $13.58/hr | +7.1% |
| 1 bedroom | $775 | $698–$853 | $31,000 | $14.90/hr | +6.3% |
| 2 bedroom | $1,014 | $913–$1,115 | $40,560 | $19.50/hr | +6.1% |
| 3 bedroom | $1,351 | $1,216–$1,486 | $54,040 | $25.98/hr | +1.6% |
| 4 bedroom | $1,356 | $1,220–$1,492 | $54,240 | $26.08/hr | -1.9% |
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 | $1,559 | $1,403–$1,715 |
| 6 bedroom Estimate | $1,763 | $1,587–$1,939 |
| 7 bedroom Estimate | $1,966 | $1,769–$2,163 |
| 8 bedroom Estimate | $2,170 | $1,953–$2,387 |
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 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.
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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 Spencer 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 42% 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 | $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 2027In effect | $706 | $775 | $1,014 | $1,351 | $1,356 | +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 Spencer, that runs from $706 for a studio up to $1,356 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 7% below the state median of $1,086 and about 5% below the national median county at $1,063. About 19,955 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 $1,010 in 47537 (Gentryville) and $1,470 in 47579 (Santa Claus), 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 | $1,050 | +3.6% |
| 47531 | Evanston | $1,200 | +18.3% |
| 47536 | Fulda | $1,014County rate | — |
| 47537 | Gentryville | $1,010 | -0.4% |
| 47550 | Lamar | $1,010 | -0.4% |
| 47552 | Lincoln City | $1,090 | +7.5% |
| 47556 | Mariah Hill | $1,010 | -0.4% |
| 47577 | Saint Meinrad | $1,140 | +12.4% |
| 47579 | Santa Claus | $1,470 | +45.0% |
| 47588 | Troy | $1,240 | +22.3% |
| 47611 | Chrisney | $1,040 | +2.6% |
| 47615 | Grandview | $1,210 | +19.3% |
| 47617 | Hatfield | $1,010 | -0.4% |
| 47634 | Richland | $1,290 | +27.2% |
| 47635 | Rockport | $1,010 | -0.4% |
Nearby counties
Two-bedroom FMR, with how each compares to Spencer.
Warrick County
18 mi · 65,261 people
$1,127
+11%
Perry County
19 mi · 19,270 people
$1,014
same rate
Dubois County
21 mi · 43,614 people
$1,014
same rate
Pike County
25 mi · 12,154 people
$1,014
same rate
Vanderburgh County
32 mi · 180,117 people
$1,127
+11%
Crawford County
33 mi · 10,499 people
$1,014
same rate
Gibson County
34 mi · 33,000 people
$1,083
+7%
Orange County
45 mi · 19,767 people
$1,014
same rate
Questions people ask
$1,014 a month for FY 2027, which runs October 1, 2026 through September 30, 2027. The other rates are $706 for a studio, $775 for one bedroom, $1,351 for three and $1,356 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 Spencer actually go for?
HUD's number is one input. Search any address in Spencer for a rent estimate built from nearby comps. Free to start, no card.
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