FY2027 Small Area FMR · Frankfort, IN
ZIP 46041 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 46041 (Frankfort, IN) is $1,040 a month, down 5.5% from FY2026. That is 32% below the Indianapolis-Carmel, IN area-wide FMR of $1,536.
Payment standard range, 2 bedrooms
Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.
FY2027 FY2026
Where 46041 sits in the Indianapolis-Carmel, IN area
Of the 136 ZIP codes HUD lists for the area, 46041 has the 131st 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 $936 and $1,144 for two bedrooms.
ZIP code 46041 crosses more than one HUD area. HUD also lists it under Kokomo, IN (same figures), Lafayette-West Lafayette, IN (same figures), Carroll County, IN (same figures) and Clinton County, IN (same figures). The figure that applies depends on which side of the line the home is.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $830 | $747 – $913 | $1,187 | $810 |
| 1 bedroom | $850 | $765 – $935 | $1,336 | $940 |
| 2 bedrooms | $1,040 | $936 – $1,144 | $1,536 | $1,100 |
| 3 bedrooms | $1,380 | $1,242 – $1,518 | $1,991 | $1,440 |
| 4 bedrooms | $1,560 | $1,404 – $1,716 | $2,425 | $1,730 |
A household renting a two-bedroom home at the Small Area FMR of $1,040 needs about $41,600 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 46041 lies mainly in Clinton County and Carroll County. See the Indianapolis-Carmel, IN metro page for the full income limits table and the household check.
Nearby ZIP codes
Questions
What is the Fair Market Rent for ZIP code 46041?
HUD's FY2027 Small Area Fair Market Rents for 46041 are $830 (studio), $850 (1 BR), $1,040 (2 BR), $1,380 (3 BR) and $1,560 (4 BR) a month.
What is the Section 8 payment standard in 46041?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 46041 that range is $936 to $1,144 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 46041?
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.