FY2027 Small Area FMR · Fishers, IN

ZIP 46038 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 46038 (Fishers, IN) is $1,990 a month, up 2.6% from FY2026. That is 30% above the Indianapolis-Carmel, IN area-wide FMR of $1,536.

2-bedroom SAFMR$1,990per month ▲ 2.6%

Area-wide 2 BR FMR$1,536Indianapolis-Carmel, IN

Rank in the area16thof 136 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,791

2 BR Small Area FMR$1,990

110% of SAFMR$2,189

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$1,540▲ 4.8%

1 BR$1,730▲ 3.6%

2 BR$1,990▲ 2.6%

3 BR$2,580▲ 2.8%

4 BR$3,140▲ 1.9%

FY2027 FY2026

Where 46038 sits in the Indianapolis-Carmel, IN area

Of the 136 ZIP codes HUD lists for the area, 46038 has the 16th highest two-bedroom Small Area FMR. Indianapolis-Carmel, IN is one of the 65 metro areas where HUD requires Small Area FMRs for the Housing Choice Voucher program (designated 2023), so local housing agencies must set payment standards from this ZIP code's figure, normally between $1,791 and $2,189 for two bedrooms.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$1,540	$1,386 – $1,694	$1,187	$1,470
1 bedroom	$1,730	$1,557 – $1,903	$1,336	$1,670
2 bedrooms	$1,990	$1,791 – $2,189	$1,536	$1,940
3 bedrooms	$2,580	$2,322 – $2,838	$1,991	$2,510
4 bedrooms	$3,140	$2,826 – $3,454	$2,425	$3,080

A household renting a two-bedroom home at the Small Area FMR of $1,990 needs about $79,600 a year to keep housing costs at 30% of income. The area median family income is $110,300 and the 80% low-income limit for four people is $88,250. ZIP code 46038 lies mainly in Hamilton County. See the Indianapolis-Carmel, IN metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
46033	Carmel	3.7 mi	$2,160
46037	Fishers	3.7 mi	$2,020
46256	Indianapolis	4.0 mi	$1,500
46250	Indianapolis	5.2 mi	$1,690
46236	Indianapolis	5.5 mi	$2,300
46280	Indianapolis	6.6 mi	$2,180

Questions

What is the Fair Market Rent for ZIP code 46038?

HUD's FY2027 Small Area Fair Market Rents for 46038 are $1,540 (studio), $1,730 (1 BR), $1,990 (2 BR), $2,580 (3 BR) and $3,140 (4 BR) a month.

What is the Section 8 payment standard in 46038?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 46038 that range is $1,791 to $2,189 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 46038?

The FY2026 income limits of the Indianapolis-Carmel, IN area apply: median family income $110,300, low-income (80%) limit $88,250 for a family of four.