FY2027 Small Area FMR · Gary, IN

ZIP 46408 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 46408 (Gary, IN) is $1,330 a month, up 9.9% from FY2026. That is 7% below the Gary, IN area-wide FMR of $1,429.

2-bedroom SAFMR$1,330per month ▲ 9.9%

Area-wide 2 BR FMR$1,429Gary, IN

Rank in the area36thof 59 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,197

2 BR Small Area FMR$1,330

110% of SAFMR$1,463

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

Studio$1,040▲ 18.2%

1 BR$1,090▲ 10.1%

2 BR$1,330▲ 9.9%

3 BR$1,620▲ 9.5%

4 BR$1,770▲ 10.6%

FY2027 FY2026

Where 46408 sits in the Gary, IN area

Of the 59 ZIP codes HUD lists for the area, 46408 has the 36th highest two-bedroom Small Area FMR. Gary, IN is one of the 65 metro areas where HUD requires Small Area FMRs for the Housing Choice Voucher program (designated 2016), so local housing agencies must set payment standards from this ZIP code's figure, normally between $1,197 and $1,463 for two bedrooms.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$1,040	$936 – $1,144	$1,117	$880
1 bedroom	$1,090	$981 – $1,199	$1,176	$990
2 bedrooms	$1,330	$1,197 – $1,463	$1,429	$1,210
3 bedrooms	$1,620	$1,458 – $1,782	$1,739	$1,480
4 bedrooms	$1,770	$1,593 – $1,947	$1,898	$1,600

A household renting a two-bedroom home at the Small Area FMR of $1,330 needs about $53,200 a year to keep housing costs at 30% of income. The area median family income is $100,900 and the 80% low-income limit for four people is $80,700. ZIP code 46408 lies mainly in Lake County. See the Gary, IN metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
46409	Gary	2.3 mi	$1,490
46404	Gary	2.6 mi	$1,300
46407	Gary	3.0 mi	$1,150
46319	Griffith	3.1 mi	$1,490
46402	Gary	4.2 mi	$1,260
46406	Gary	4.4 mi	$1,260

Questions

What is the Fair Market Rent for ZIP code 46408?

HUD's FY2027 Small Area Fair Market Rents for 46408 are $1,040 (studio), $1,090 (1 BR), $1,330 (2 BR), $1,620 (3 BR) and $1,770 (4 BR) a month.

What is the Section 8 payment standard in 46408?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 46408 that range is $1,197 to $1,463 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 46408?

The FY2026 income limits of the Gary, IN area apply: median family income $100,900, low-income (80%) limit $80,700 for a family of four.