What is the Fair Market Rent in New Albany, IN?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 47150, which covers New Albany, is $1,250 a month.

Across the whole Louisville, KY-IN HUD Metro FMR Area the two-bedroom figure is $1,276.

The Census Bureau’s median gross rent for a two-bedroom home in New Albany is $1,065 (±$34), below the Small Area figure for ZIP 47150.

Figures last updated on November 12, 2026.

2 bedrooms, whole area: $1,276
2 bedrooms, ZIP 47150: $1,250

Fair Market Rents for New Albany, 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
Louisville, KY-IN HUD Metro FMR Area (whole area)	$976	$1,058	$1,276	$1,629	$1,874	—
ZIP 47150 (34% of the ZIP’s land is in this place)	$960	$1,040	$1,250	$1,600	$1,840	$1,036

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 New Albany

What is the Section 8 payment standard in New Albany?

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 Louisville, KY-IN HUD Metro FMR Area is $1,276, and the Small Area figure for 47150 is $1,250.

What is the Fair Market Rent for a two-bedroom in ZIP 47150?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 47150 is $1,250 a month; the Census Bureau’s median gross rent across that ZIP code, for homes of every size, is $1,036 (±$31).

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

HUD’s fiscal year 2027 Small Area Fair Market Rent for a one-bedroom home in ZIP 47150 is $1,040 a month, against $1,058 across the Louisville, KY-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.