Section 8 Fair Market Rent (FMR) for ZIP 46130 - 2027

Location: Indianapolis-Carmel, IN | Metro: Indianapolis-Carmel, IN HUD Metro FMR Area

Investment Score for ZIP 46130

Monthly Rent (2BR)

$1,280

Median Price (2BR)

$218,695

1% Rule

0.59%

Annual Yield

7.02%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$990
1 Bedroom	$1,110
2 Bedrooms	$1,280
3 Bedrooms	$1,660
4 Bedrooms	$2,020
5 Bedrooms	$2,343
6 Bedrooms	$2,624
7 Bedrooms	$2,834
8 Bedrooms	$2,976

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,280	$218,695	0.59%	F
3BR	$1,660	$321,457	0.52%	F
4BR	$2,020	$437,400	0.46%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,455

Median Household Income

$124,427

Housing Units

785

Renter Percentage

6.0%

Occupancy Rate

100.0%

Renter Occupied

The ZIP code 46130, known as Fountaintown, IN, is a suburban area located within the broader Indianapolis metropolitan region. This area offers a mix of residential properties and access to urban amenities, making it an attractive location for both homeowners and renters. Here's a detailed market analysis based on key metrics:

The Fair Market Rent (FMR) for ZIP 46130 in fiscal year 2024 is set at $1,110. This figure represents the maximum amount that a household receiving rental assistance through the Section 8 program would pay for a two-bedroom apartment.
The average market rent for the area is $1,065, according to recent Census Bureau American Community Survey (ACS) data. This indicates that rental prices are slightly below the FMR, which could be beneficial for landlords participating in the Section 8 program.
The median home value in Fountaintown is $315,931. This suggests that the area is relatively stable and offers good potential for property appreciation over time.
Renters make up 6.0% of the total housing units in the area, indicating a smaller but still significant portion of the population relies on rental properties. This percentage is low compared to many other areas, which might imply less competition among landlords.
The median income for households in ZIP 46130 is $124,427. This high income level could translate into better payment reliability and lower risk of default among tenants.
Unfortunately, the data does not provide a specific number for days on market (DOM), which measures how long homes typically stay on the market before being sold. However, the high median income and stable home values suggest that homes in this area sell quickly when they are listed.

In summary, Fountaintown, IN, presents a favorable environment for landlords and small-portfolio investors due to its stable home values and high median income levels. The slightly lower market rent compared to the FMR can be advantageous for those participating in the Section 8 program, ensuring that rents remain competitive while still being subsidized. Despite the relatively low renter share, the strong economic indicators support a robust investment climate, with potential for steady returns and minimal risk.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).

About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.