FY2027 Small Area FMR · New Waverly, IN

ZIP 46961 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 46961 (New Waverly, IN) is $1,040 a month, up 5.1% from FY2026. That is 3% above the Cass County, IN area-wide FMR of $1,014.

2-bedroom SAFMR$1,040per month ▲ 5.1%

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

Rank in the area6thof 15 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$936

2 BR Small Area FMR$1,040

110% of SAFMR$1,144

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

Studio$790▲ 8.2%

1 BR$850▲ 6.2%

2 BR$1,040▲ 5.1%

3 BR$1,270▲ 5.0%

4 BR$1,440▲ 3.6%

FY2027 FY2026

Where 46961 sits in the Cass County, IN area

Of the 15 ZIP codes HUD lists for the area, 46961 has the 6th highest two-bedroom Small Area FMR. Cass 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 $1,040 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	$790	$711 – $869	$831	$730
1 bedroom	$850	$765 – $935	$836	$800
2 bedrooms	$1,040	$936 – $1,144	$1,014	$990
3 bedrooms	$1,270	$1,143 – $1,397	$1,350	$1,210
4 bedrooms	$1,440	$1,296 – $1,584	$1,355	$1,390

A household renting a two-bedroom home at the Small Area FMR of $1,040 needs about $41,600 a year to keep housing costs at 30% of income. The area median family income is $74,500 and the 80% low-income limit for four people is $67,850. ZIP code 46961 lies mainly in Cass County. See the Cass County, IN county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
46967	Onward	5.0 mi	$1,010
46958	Mexico	5.5 mi	$1,040
46970	Peru	6.8 mi	$1,040
46971	Grissom Arb	7.3 mi	$1,010
46994	Walton	7.6 mi	$1,010
46988	Twelve Mile	8.0 mi	$1,210

Questions

What is the Fair Market Rent for ZIP code 46961?

HUD's FY2027 Small Area Fair Market Rents for 46961 are $790 (studio), $850 (1 BR), $1,040 (2 BR), $1,270 (3 BR) and $1,440 (4 BR) a month.

What is the Section 8 payment standard in 46961?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 46961 that range is $936 to $1,144 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 46961?

The FY2026 income limits of the Cass County, IN area apply: median family income $74,500, low-income (80%) limit $67,850 for a family of four.