What is the Fair Market Rent in Indianapolis, IN?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home runs from $1,310 to $2,220 a month across the 8 ZIP codes that cover Indianapolis.

By ZIP code: 46183 $1,630, 46201 $1,310, 46202 $1,980, 46204 $2,220, 46205 $1,590, 46206 $1,470, 46214 $1,440, 46217 $1,790.

Across the whole Indianapolis-Carmel, IN HUD Metro FMR Area the two-bedroom figure is $1,536.

The Census Bureau’s median gross rent for a two-bedroom home in Indianapolis is $1,189 (±$17), below the Small Area figure for ZIP 46183.

Figures last updated on November 12, 2026.

2 bedrooms, whole area: $1,536
2 bedrooms, ZIP 46183: $1,630
2 bedrooms, ZIP 46201: $1,310
2 bedrooms, ZIP 46202: $1,980

Fair Market Rents for Indianapolis, fiscal year 2027

HUD Fair Market Rent, dollars a month (gross rent, including utilities), beside the Census Bureau’s median gross rent for each ZIP code
	Studio	1 bedroom	2 bedrooms	3 bedrooms	4 bedrooms	Census median rent
Indianapolis-Carmel, IN HUD Metro FMR Area (whole area)	$1,187	$1,336	$1,536	$1,991	$2,425	—
ZIP 46183	$1,260	$1,420	$1,630	$2,110	$2,570	—
ZIP 46201	$1,010	$1,140	$1,310	$1,700	$2,070	$941
ZIP 46202	$1,530	$1,720	$1,980	$2,570	$3,130	$1,288
ZIP 46204	$1,720	$1,930	$2,220	$2,880	$3,500	$1,638
ZIP 46205	$1,230	$1,380	$1,590	$2,060	$2,510	$1,176
ZIP 46206	$1,140	$1,280	$1,470	$1,910	$2,320	—
ZIP 46214	$1,110	$1,250	$1,440	$1,870	$2,270	$1,196
ZIP 46217	$1,380	$1,560	$1,790	$2,320	$2,830	$1,324

A Fair Market Rent is HUD’s estimate of the gross rent (shelter plus utilities) of a modest rental home in the area.

Whether a housing authority uses the ZIP code (Small Area) figures or the area-wide one depends on whether HUD has designated the area for Small Area FMRs or the authority has opted in; ask the local housing authority which applies.

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Questions about Indianapolis

What is the Section 8 payment standard in Indianapolis?

Housing authorities set payment standards between 90% and 110% of HUD’s Fair Market Rent; for fiscal year 2027, the two-bedroom Fair Market Rent for the Indianapolis-Carmel, IN HUD Metro FMR Area is $1,536, and the Small Area figure for 46183 is $1,630.

What is the Fair Market Rent for a two-bedroom in ZIP 46183?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 46183 is $1,630 a month.

What is the Fair Market Rent for a two-bedroom in ZIP 46201?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 46201 is $1,310 a month; the Census Bureau’s median gross rent across that ZIP code, for homes of every size, is $941 (±$39).

What is the Fair Market Rent for a two-bedroom in ZIP 46202?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 46202 is $1,980 a month; the Census Bureau’s median gross rent across that ZIP code, for homes of every size, is $1,288 (±$55).

What is the Fair Market Rent for a one-bedroom in Indianapolis?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a one-bedroom home in ZIP 46183 is $1,420 a month, against $1,336 across the Indianapolis-Carmel, IN HUD Metro FMR Area.

Sources

Figures are published by the US Census Bureau, HUD, the Bureau of Labor Statistics and the FBI; Seayora reproduces them and does not adjust them, except where a sentence says it compares dollar figures after inflation. They describe the whole place, not any one building or street, and are not an appraisal, a rent determination, a tax bill, a safety rating or legal advice.