Location: Indianapolis-Carmel, IN | Metro: Indianapolis-Carmel, IN HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,190 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $1,990 |
| 4 Bedrooms | $2,430 |
| 5 Bedrooms | $2,819 |
| 6 Bedrooms | $3,157 |
| 7 Bedrooms | $3,410 |
| 8 Bedrooms | $3,581 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,990 | $393,641 | 0.51% | F |
U.S. Census Bureau data (2024)
The ZIP code 46162 stands out due to its unique data profile. With only 227 residents, it has an extremely low rental rate at 0.0%, indicating that nearly all homes are owner-occupied. The median income of $117,969 suggests a relatively affluent community, while the median home value of $334,948 reflects a high cost of living in the area.
In terms of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 46162 is set at $1350 for fiscal year 2024. However, there is no available market rent data to compare against, which means landlords cannot rely on typical market trends to gauge the effectiveness of accepting vouchers. This could be due to the very low number of renters in the area, making it difficult to establish a reliable market rent figure.
The data signature for ZIP 46162 reads as stable. Given the high median income and median home value, combined with the near-absence of rentals, it is likely that the community will continue to be primarily composed of homeowners who are financially secure. The lack of rental properties also implies that there is little pressure for change in the housing market structure. Landlords should carefully consider the limited demand for rental units when deciding whether to accept Section 8 vouchers, as the potential pool of tenants is very small.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.