FMR Lookup › Indiana › Indianapolis-Carmel
Section 8 Fair Market Rent in Indianapolis-Carmel, IN (FY2027)
HUD's official FY2027 Fair Market Rents for the Indianapolis-Carmel, IN HUD Metro FMR Area, by bedroom count. These figures set the baseline for what the Housing Choice Voucher program pays landlords in this area.
| Unit size | FY2027 FMR | Payment standard range (90–110%) |
|---|---|---|
| Studio / efficiency | $1,187 | $1,068 – $1,306 |
| 1 bedroom | $1,336 | $1,202 – $1,470 |
| 2 bedrooms | $1,536 | $1,382 – $1,690 |
| 3 bedrooms | $1,991 | $1,792 – $2,190 |
| 4 bedrooms | $2,425 | $2,183 – $2,668 |
Source: HUD User — FY 2027 Fair Market Rents. FY2027 FMRs are effective October 1, 2026. FY2027 FMRs take effect October 1, 2026; until that date, the prior FY2026 schedule remains in effect. Retrieved 2026-09-07.
How this market compares
The 2-bedroom FMR here is $1,536 — 48% above the Indiana median of $1,039 across all 73 FMR areas in the state.
Counties and towns covered
The Indianapolis-Carmel, IN FMR area is a metro area covering: Boone County, Brown County, Hamilton County, Hancock County, Hendricks County, Johnson County, Marion County, Morgan County, Shelby County. One FMR applies across the whole area — HUD does not publish separate figures per city or ZIP here (some large metros have Small Area FMRs by ZIP; check with the local housing authority).
What a landlord actually collects
FMR is the baseline, not the contract rent. The local housing authority sets a payment standard between 90% and 110% of FMR (the range in the table above), and your unit must pass a rent-reasonableness comparison against similar unassisted rentals nearby. The voucher then covers the gap between the tenant's share (roughly 30% of their income) and the approved rent.
Run the numbers for a deal in Indianapolis-Carmel: Section 8 vs market rent, DSCR, or cash-on-cash return.
Comparable Indiana markets by 2BR FMR
| FMR area | 1 BR | 2 BR | 3 BR |
|---|---|---|---|
| Columbus | $1,276 | $1,493 | $1,779 |
| Cincinnati | $1,128 | $1,442 | $1,897 |
| Gary | $1,176 | $1,429 | $1,739 |
| Jasper County | $1,031 | $1,349 | $1,741 |
| Anderson | $1,017 | $1,331 | $1,743 |
| Louisville | $1,058 | $1,276 | $1,629 |
Informational only — not financial, legal, or lending advice. Confirm current payment standards with the housing authority serving Indianapolis-Carmel.