FY2027 Small Area FMR · Jonesboro, IN

ZIP 46938 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 46938 (Jonesboro, IN) is $1,170 a month, up 7.3% from FY2026. That is 15% above the Grant County, IN area-wide FMR of $1,014.

2-bedroom SAFMR$1,170per month ▲ 7.3%

Area-wide 2 BR FMR$1,014Grant County, IN

Rank in the area6thof 17 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,053

2 BR Small Area FMR$1,170

110% of SAFMR$1,287

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

Studio$860▲ 7.5%

1 BR$930▲ 6.9%

2 BR$1,170▲ 7.3%

3 BR$1,530▲ 7.0%

4 BR$1,720▲ 6.8%

FY2027 FY2026

Where 46938 sits in the Grant County, IN area

Of the 17 ZIP codes HUD lists for the area, 46938 has the 6th highest two-bedroom Small Area FMR. Grant County, 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 $1,014 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,170 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	$860	$774 – $946	$748	$800
1 bedroom	$930	$837 – $1,023	$804	$870
2 bedrooms	$1,170	$1,053 – $1,287	$1,014	$1,090
3 bedrooms	$1,530	$1,377 – $1,683	$1,329	$1,430
4 bedrooms	$1,720	$1,548 – $1,892	$1,488	$1,610

A household renting a two-bedroom home at the Small Area FMR of $1,170 needs about $46,800 a year to keep housing costs at 30% of income. The area median family income is $61,800 and the 80% low-income limit for four people is $67,850. ZIP code 46938 lies mainly in Grant County. See the Grant County, IN county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
46933	Gas City	2.7 mi	$1,040
46953	Marion	4.2 mi	$1,030
46930	Fowlerton	4.6 mi	$1,010
46928	Fairmount	4.7 mi	$1,090
46989	Upland	7.7 mi	$1,010
46957	Matthews	8.5 mi	$1,230

Questions

What is the Fair Market Rent for ZIP code 46938?

HUD's FY2027 Small Area Fair Market Rents for 46938 are $860 (studio), $930 (1 BR), $1,170 (2 BR), $1,530 (3 BR) and $1,720 (4 BR) a month.

What is the Section 8 payment standard in 46938?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 46938 that range is $1,053 to $1,287 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 46938?

The FY2026 income limits of the Grant County, IN area apply: median family income $61,800, low-income (80%) limit $67,850 for a family of four.