FY2027 Small Area FMR · Sheridan, IN

ZIP 46069 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 46069 (Sheridan, IN) is $1,120 a month, down 5.1% from FY2026. That is 27% below the Indianapolis-Carmel, IN area-wide FMR of $1,536.

2-bedroom SAFMR$1,120per month ▼ 5.1%

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

Rank in the area123rdof 136 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,008

2 BR Small Area FMR$1,120

110% of SAFMR$1,232

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

Studio$860▼ 3.4%

1 BR$970▼ 4.0%

2 BR$1,120▼ 5.1%

3 BR$1,450▼ 4.6%

4 BR$1,760▼ 5.4%

FY2027 FY2026

Where 46069 sits in the Indianapolis-Carmel, IN area

Of the 136 ZIP codes HUD lists for the area, 46069 has the 123rd 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 $1,008 and $1,232 for two bedrooms.

ZIP code 46069 crosses more than one HUD area. HUD also lists it under Tipton 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

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$860	$774 – $946	$1,187	$890
1 bedroom	$970	$873 – $1,067	$1,336	$1,010
2 bedrooms	$1,120	$1,008 – $1,232	$1,536	$1,180
3 bedrooms	$1,450	$1,305 – $1,595	$1,991	$1,520
4 bedrooms	$1,760	$1,584 – $1,936	$2,425	$1,860

A household renting a two-bedroom home at the Small Area FMR of $1,120 needs about $44,800 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 46069 lies mainly in Hamilton County, Boone County and Clinton 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
46074	Westfield	7.6 mi	$2,120
46050	Kirklin	7.7 mi	$1,150
46034	Cicero	9.7 mi	$1,410
46075	Whitestown	9.7 mi	$2,300
46062	Noblesville	10.7 mi	$1,870
46049	Kempton	10.8 mi	$1,240

Questions

What is the Fair Market Rent for ZIP code 46069?

HUD's FY2027 Small Area Fair Market Rents for 46069 are $860 (studio), $970 (1 BR), $1,120 (2 BR), $1,450 (3 BR) and $1,760 (4 BR) a month.

What is the Section 8 payment standard in 46069?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 46069 that range is $1,008 to $1,232 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 46069?

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.