FY2027 Small Area FMR · Galveston, IN
ZIP 46932 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 46932 (Galveston, IN) is $1,020 a month, up 6.2% from FY2026. That is 13% below the Kokomo, IN area-wide FMR of $1,179.
Payment standard range, 2 bedrooms
Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.
FY2027 FY2026
Where 46932 sits in the Kokomo, IN area
Of the 17 ZIP codes HUD lists for the area, 46932 has the 15th highest two-bedroom Small Area FMR. Kokomo, 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 $1,179 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,020 for this ZIP code instead.
ZIP code 46932 crosses more than one HUD area. HUD also lists it under Carroll County, IN (same figures), Cass County, IN (same figures) and Miami County, IN (same figures). The figure that applies depends on which side of the line the home is.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $830 | $747 – $913 | $909 | $790 |
| 1 bedroom | $830 | $747 – $913 | $915 | $790 |
| 2 bedrooms | $1,020 | $918 – $1,122 | $1,179 | $960 |
| 3 bedrooms | $1,350 | $1,215 – $1,485 | $1,420 | $1,270 |
| 4 bedrooms | $1,420 | $1,278 – $1,562 | $1,636 | $1,290 |
A household renting a two-bedroom home at the Small Area FMR of $1,020 needs about $40,800 a year to keep housing costs at 30% of income. The area median family income is $96,200 and the 80% low-income limit for four people is $76,150. ZIP code 46932 lies mainly in Cass County, Howard County and Miami County. See the Kokomo, IN county page for the full income limits table and the household check.
Nearby ZIP codes
Questions
What is the Fair Market Rent for ZIP code 46932?
HUD's FY2027 Small Area Fair Market Rents for 46932 are $830 (studio), $830 (1 BR), $1,020 (2 BR), $1,350 (3 BR) and $1,420 (4 BR) a month.
What is the Section 8 payment standard in 46932?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 46932 that range is $918 to $1,122 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 46932?
The FY2026 income limits of the Kokomo, IN area apply: median family income $96,200, low-income (80%) limit $76,150 for a family of four.