FY2027 Small Area FMR · Waldron, IN

ZIP 46182 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 46182 (Waldron, IN) is $2,030 a month, up 30.1% from FY2026. That is 32% above the Indianapolis-Carmel, IN area-wide FMR of $1,536.

2-bedroom SAFMR$2,030per month ▲ 30.1%

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

Rank in the area14thof 136 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,827

2 BR Small Area FMR$2,030

110% of SAFMR$2,233

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

Studio$1,570▲ 31.9%

1 BR$1,760▲ 31.3%

2 BR$2,030▲ 30.1%

3 BR$2,630▲ 30.2%

4 BR$3,200▲ 29.6%

FY2027 FY2026

Where 46182 sits in the Indianapolis-Carmel, IN area

Of the 136 ZIP codes HUD lists for the area, 46182 has the 14th 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 $1,827 and $2,233 for two bedrooms.

ZIP code 46182 crosses more than one HUD area. HUD also lists it under Decatur County, IN (same figures) and Rush 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	$1,570	$1,413 – $1,727	$1,187	$1,190
1 bedroom	$1,760	$1,584 – $1,936	$1,336	$1,340
2 bedrooms	$2,030	$1,827 – $2,233	$1,536	$1,560
3 bedrooms	$2,630	$2,367 – $2,893	$1,991	$2,020
4 bedrooms	$3,200	$2,880 – $3,520	$2,425	$2,470

A household renting a two-bedroom home at the Small Area FMR of $2,030 needs about $81,200 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 46182 lies mainly in Shelby County and Rush 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
47272	Saint Paul	4.2 mi	$1,180
46150	Manilla	7.0 mi	$1,280
46176	Shelbyville	7.3 mi	$1,280
47234	Flat Rock	7.7 mi	$1,410
46156	Milroy	9.6 mi	$1,010
46146	Homer	10.3 mi	$1,040

Questions

What is the Fair Market Rent for ZIP code 46182?

HUD's FY2027 Small Area Fair Market Rents for 46182 are $1,570 (studio), $1,760 (1 BR), $2,030 (2 BR), $2,630 (3 BR) and $3,200 (4 BR) a month.

What is the Section 8 payment standard in 46182?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 46182 that range is $1,827 to $2,233 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 46182?

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.