Location: Indianapolis-Carmel, IN | Metro: Indianapolis-Carmel, IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,140 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,470 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
The ZIP code 46242, located in the Indianapolis-Carmel, IN HUD Metro FMR Area, has a Fair Market Rent (FMR) of $1,300 for FY 2024. This figure is slightly higher than the metro-wide FMR of $1,267 for a one-bedroom unit as of FY 2026, indicating that ZIP 46242 is a mid-tier neighborhood within the broader Indianapolis-Carmel area.
While the specific market rent and home value for ZIP 46242 are not available, we can infer that its FMR is reflective of a moderate level of rental pricing within the Indianapolis-Carmel metro. The metro-wide FMR for a one-bedroom unit increased by 15.5% from FY 2025 to FY 2026, suggesting ongoing demand pressure and rising rents across the region.
Given the lack of data on the renter share percentage, it is difficult to make definitive statements about the attractiveness of ZIP 46242 for Section 8 tenants. However, the absence of specific market rent and home value data suggests that it may not be an outlier in terms of affordability or luxury within the Indianapolis-Carmel metro. To qualify as a Section 8 sweet spot, ZIP 46242 would likely require a high renter share combined with below-metro average home values, which cannot be determined without additional data.
To summarize, ZIP 46242 appears to be a mid-tier neighborhood within the Indianapolis-Carmel metro, with rental prices slightly above the metro-wide average but not significantly so. Further analysis would require specific market rent and home value data to determine if it qualifies as a value pocket or a premium sub-market.
Data Sources: FMR data from HUD (2027).
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.