FY2027 Small Area FMR · Elkhart, IN

ZIP 46516 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 46516 (Elkhart, IN) is $1,230 a month, up 7.0% from FY2026. That is 2% below the Elkhart-Goshen, IN area-wide FMR of $1,253.

2-bedroom SAFMR$1,230per month ▲ 7.0%

Area-wide 2 BR FMR$1,253Elkhart-Goshen, IN

Rank in the area12thof 19 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,107

2 BR Small Area FMR$1,230

110% of SAFMR$1,353

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

Studio$990▲ 5.3%

1 BR$1,030▲ 7.3%

2 BR$1,230▲ 7.0%

3 BR$1,620▲ 7.3%

4 BR$1,720▲ 11.7%

FY2027 FY2026

Where 46516 sits in the Elkhart-Goshen, IN area

Of the 19 ZIP codes HUD lists for the area, 46516 has the 12th highest two-bedroom Small Area FMR. Elkhart-Goshen, IN is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,253 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,230 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$990	$891 – $1,089	$1,008	$940
1 bedroom	$1,030	$927 – $1,133	$1,048	$960
2 bedrooms	$1,230	$1,107 – $1,353	$1,253	$1,150
3 bedrooms	$1,620	$1,458 – $1,782	$1,653	$1,510
4 bedrooms	$1,720	$1,548 – $1,892	$1,752	$1,540

A household renting a two-bedroom home at the Small Area FMR of $1,230 needs about $49,200 a year to keep housing costs at 30% of income. The area median family income is $89,900 and the 80% low-income limit for four people is $71,900. ZIP code 46516 lies mainly in Elkhart County. See the Elkhart-Goshen, IN county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
46514	Elkhart	3.6 mi	$1,320
46517	Elkhart	4.4 mi	$1,170
46561	Osceola	6.8 mi	$1,420
46507	Bristol	7.2 mi	$1,280
49130	Union	8.0 mi	$1,010
46526	Goshen	8.8 mi	$1,330

Questions

What is the Fair Market Rent for ZIP code 46516?

HUD's FY2027 Small Area Fair Market Rents for 46516 are $990 (studio), $1,030 (1 BR), $1,230 (2 BR), $1,620 (3 BR) and $1,720 (4 BR) a month.

What is the Section 8 payment standard in 46516?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 46516 that range is $1,107 to $1,353 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 46516?

The FY2026 income limits of the Elkhart-Goshen, IN area apply: median family income $89,900, low-income (80%) limit $71,900 for a family of four.