Rent by ZIP · Marion County
Rent in Indianapolis, IN 46227
HUD's FY2027 Small Area Fair Market Rent for a 2-bedroom here is $1,370 (+3.8% vs FY2026). Renters in this ZIP code pay a median $1,035 a month, including utilities.
Rent by number of bedrooms
| Size | SAFMR FY2027 | FY2026 | Change | Typical voucher range | Census median rent |
|---|---|---|---|---|---|
| Studio | $1,060 | $1,000 | +6% | $954–1,166 | $998 ±$86 |
| 1 bedroom | $1,190 | $1,140 | +4.4% | $1,071–1,309 | $953 ±$22 |
| 2 bedrooms | $1,370 | $1,320 | +3.8% | $1,233–1,507 | $1,044 ±$49 |
| 3 bedrooms | $1,780 | $1,710 | +4.1% | $1,602–1,958 | $1,258 ±$75 |
| 4 bedrooms | $2,160 | $2,100 | +2.9% | $1,944–2,376 | $1,724 ±$128 |
Small Area FMRs for the Indianapolis-Carmel, IN HUD Metro FMR Area. Fair Market Rents include utilities. The voucher range is the typical 90–110% band; your housing authority sets the actual payment standard.
Area-wide FMR for Indianapolis-Carmel, IN HUD Metro FMR Area, 2 bedrooms: $1,536.
What renters pay in 46227
How rents are spread
Share of renter households paying cash rent, by monthly gross rent (rent plus utilities).
Nearby ZIP codes
| ZIP | Place | 2-bedroom FMR | Census median, 2 bedrooms |
|---|---|---|---|
| 46226 | Indianapolis | $1,440 | $1,131 |
| 46228 | Indianapolis | $1,830 | $1,397 |
| 46225 | Indianapolis | $1,420 | $1,064 |
| 46229 | Indianapolis | $1,350 | $1,028 |
| 46224 | Indianapolis | $1,470 | $1,142 |
| 46231 | Indianapolis | $1,980 | – |
Fair Market Rents across Marion County, IN · All IN counties · What is Fair Market Rent?
Sources: HUD Small Area and county Fair Market Rents, FY2027 (effective October 1, 2026); U.S. Census Bureau, 2020–2024 ACS 5-year estimates. Census figures are survey estimates (±90% margin of error) and trail today's market. Place name from GeoNames. About the data.