Fair Market Rent · Indiana
Fair Market Rent in Shelby County, IN
FY2027 HUD figures, effective October 1, 2026, plus what renters pay by ZIP code.
HUD's FY2027 Fair Market Rent for a 2-bedroom home in Shelby County is $1,536 a month, +4.3% from FY2026. Shelby County is part of the Indianapolis-Carmel, IN HUD Metro FMR Area (a metro area). HUD also publishes Small Area FMRs by ZIP code here; those can be higher or lower than the area-wide figure. See each ZIP code below.
Area-wide Fair Market Rents
| Size | FY2027 | FY2026 | Change | Typical voucher range (90–110%) |
|---|---|---|---|---|
| Studio | $1,187 | $1,118 | +6.2% | $1,068–1,306 |
| 1 bedroom | $1,336 | $1,267 | +5.4% | $1,202–1,470 |
| 2 bedrooms | $1,536 | $1,473 | +4.3% | $1,382–1,690 |
| 3 bedrooms | $1,991 | $1,907 | +4.4% | $1,792–2,190 |
| 4 bedrooms | $2,425 | $2,338 | +3.7% | $2,182–2,668 |
The voucher range is the typical band housing authorities use for payment standards; your housing authority sets the actual standard.
Rents by ZIP code in Shelby County
Open a ZIP code for every size, the spread of rents and nearby ZIP codes.
| ZIP | Place | 2-bedroom FMR (ZIP) | Census median, 2 bedrooms | Census median, all sizes |
|---|---|---|---|---|
| 46110 | Boggstown | $1,190 | – | – |
| 46124 | Edinburgh | $1,080 | $780 | $850 |
| 46126 | Fairland | $1,040 | $974 | $988 |
| 46130 | Fountaintown | $1,280 | $1,018 | $1,065 |
| 46144 | Gwynneville | $1,340 | – | – |
| 46161 | Morristown | $1,340 | $909 | $974 |
| 46176 | Shelbyville | $1,280 | $959 | $985 |
| 46182 | Waldron | $2,030 | – | $1,600 |
| 47234 | Flat Rock | $1,410 | – | – |
Sources: HUD Fair Market Rents and Small Area Fair Market Rents, FY2027 (effective October 1, 2026) and FY2026; U.S. Census Bureau, 2020–2024 American Community Survey 5-year estimates (median gross rent by ZIP code). Fair Market Rents and Census figures include utilities. Not affiliated with HUD or the Census Bureau. About the data.