FY2027 Small Area FMR · North Salem, IN

ZIP 46165 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 46165 (North Salem, IN) is $2,070 a month, up 14.4% from FY2026. That is 35% above the Indianapolis-Carmel, IN area-wide FMR of $1,536.

2-bedroom SAFMR$2,070per month ▲ 14.4%

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

Rank in the area12thof 136 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,863

2 BR Small Area FMR$2,070

110% of SAFMR$2,277

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

Studio$1,590▲ 16.9%

1 BR$1,790▲ 16.2%

2 BR$2,070▲ 14.4%

3 BR$2,700▲ 14.4%

4 BR$3,280▲ 14.3%

FY2027 FY2026

Where 46165 sits in the Indianapolis-Carmel, IN area

Of the 136 ZIP codes HUD lists for the area, 46165 has the 12th 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 $1,863 and $2,277 for two bedrooms.

ZIP code 46165 crosses more than one HUD area. HUD also lists it under Putnam 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	$1,590	$1,431 – $1,749	$1,187	$1,360
1 bedroom	$1,790	$1,611 – $1,969	$1,336	$1,540
2 bedrooms	$2,070	$1,863 – $2,277	$1,536	$1,810
3 bedrooms	$2,700	$2,430 – $2,970	$1,991	$2,360
4 bedrooms	$3,280	$2,952 – $3,608	$2,425	$2,870

A household renting a two-bedroom home at the Small Area FMR of $2,070 needs about $82,800 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 46165 lies mainly in Hendricks County and Putnam 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
46149	Lizton	5.1 mi	$1,510
46122	Danville	7.1 mi	$1,500
46147	Jamestown	8.4 mi	$1,280
46167	Pittsboro	9.3 mi	$1,410
47968	New Ross	9.6 mi	$1,250
46172	Roachdale	9.6 mi	$1,160

Questions

What is the Fair Market Rent for ZIP code 46165?

HUD's FY2027 Small Area Fair Market Rents for 46165 are $1,590 (studio), $1,790 (1 BR), $2,070 (2 BR), $2,700 (3 BR) and $3,280 (4 BR) a month.

What is the Section 8 payment standard in 46165?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 46165 that range is $1,863 to $2,277 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 46165?

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.