Section 8 Fair Market Rent (FMR) for ZIP 46204 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size Monthly FMR
Studio$1,720
1 Bedroom$1,930
2 Bedrooms$2,220
3 Bedrooms$2,880
4 Bedrooms$3,500
5 Bedrooms$4,060
6 Bedrooms$4,547
7 Bedrooms$4,911
8 Bedrooms$5,157

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population
11,400
Median Household Income
$86,396
Housing Units
7,408
Renter Percentage
85.9%
Occupancy Rate
87.7%
Renter Occupied
5,580

Housing Authorities Serving ZIP 46204

ZIP code 46204, located in Indianapolis, IN, falls within the larger Indianapolis-Carmel, IN HUD Metro FMR Area. Its Fair Market Rent (FMR) for FY 2024 is set at $1,970, which is notably higher than the average market rent of $1,590. This suggests that 46204 is positioned as a premium sub-market within its metro area, where rents are above the typical levels.

The median home value in 46204 stands at $342,435, indicating a moderate housing cost compared to other ZIP codes in the Indianapolis-Carmel, IN HUD Metro FMR Area. However, the high renter share of 85.9% is a critical factor. In general, a high renter share with lower-than-metro-average home values can signal an attractive area for Section 8 tenants and landlords who cater to this demographic. Despite the higher FMR, the substantial renter population in 46204 makes it a viable option for landlords seeking stable tenant bases through government-subsidized housing programs.

In contrast to the broader metro area, 46204 exhibits characteristics that define it as a unique sub-market. The elevated FMR coupled with a significant renter share points towards a location that is both desirable and accessible to those relying on rental assistance. Landlords and small-portfolio investors should consider these factors when evaluating the potential returns and stability of properties in this ZIP code.

Data Sources: FMR data from HUD (2027). 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.