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 Fair Market Rent (FMR) for ZIP code 46244 in Indiana for fiscal year 2024 is set at $1300. This figure represents the payment standard for Section 8 housing vouchers, meaning the government will pay up to $1300 per month towards rent for eligible tenants in this area. It's important to note that this does not mean your rent should be exactly $1300; it's the maximum amount the voucher program will cover.
Comparing this to the local average rent, which is currently N/A, you can see that the FMR provides a benchmark for pricing your rental units. If the typical rent in the area is below $1300, you might consider setting your rent slightly above the average but still within the FMR limit to ensure the voucher covers most of the rent. However, if the average rent exceeds $1300, you'll need to decide whether to price higher and risk losing potential voucher holders, or to stay within the FMR and attract a different tenant pool.
The percentage of renters in ZIP 46244 is N/A%, indicating the level of demand for rental properties. A higher percentage suggests more people looking for places to live, potentially making it easier to fill vacancies. The median home value in the area is N/A, which gives insight into the local real estate market and helps estimate the acquisition cost of properties you might consider renting out.
Before deciding to take on a Section 8 rental, verify that your property meets all the necessary inspection criteria. This includes ensuring the unit is safe, decent, and sanitary, as required by the Housing Quality Standards (HQS). Failure to meet these standards could result in rejection by the voucher holder’s agency, leaving you without a tenant.
In summary, the $1300 FMR sets a cap on what the government will pay through Section 8 vouchers. Use this along with the local average rent to price your property effectively. The high renter share and median home values give you a sense of the market demand and costs. But remember, passing the HQS inspection is critical to securing a Section 8 tenant.
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.