FY2027 Small Area FMR · Cedar Grove, IN

ZIP 47016 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 47016 (Cedar Grove, IN) is $1,010 a month, down 8.2% from FY2026. That is 12% below the Franklin County, IN area-wide FMR of $1,148.

2-bedroom SAFMR$1,010per month ▼ 8.2%

Area-wide 2 BR FMR$1,148Franklin County, IN

Rank in the area13thof 15 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$909

2 BR Small Area FMR$1,010

110% of SAFMR$1,111

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

Studio$740▼ 5.1%

1 BR$840▼ 1.2%

2 BR$1,010▼ 8.2%

3 BR$1,340▼ 7.6%

4 BR$1,340▼ 8.2%

FY2027 FY2026

Where 47016 sits in the Franklin County, IN area

Of the 15 ZIP codes HUD lists for the area, 47016 has the 13th highest two-bedroom Small Area FMR. Franklin 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 $1,148 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,010 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	$740	$666 – $814	$841	$780
1 bedroom	$840	$756 – $924	$950	$850
2 bedrooms	$1,010	$909 – $1,111	$1,148	$1,100
3 bedrooms	$1,340	$1,206 – $1,474	$1,503	$1,450
4 bedrooms	$1,340	$1,206 – $1,474	$1,509	$1,460

A household renting a two-bedroom home at the Small Area FMR of $1,010 needs about $40,400 a year to keep housing costs at 30% of income. The area median family income is $97,400 and the 80% low-income limit for four people is $77,900. ZIP code 47016 lies mainly in Franklin County. See the Franklin County, IN county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
47035	New Trenton	4.4 mi	$1,230
47060	West Harrison	4.9 mi	$1,270
45053	Okeana	5.6 mi	$1,330
47012	Brookville	6.3 mi	$1,070
47010	Bath	9.2 mi	$1,120
45030	Harrison	10.4 mi	$1,470

Questions

What is the Fair Market Rent for ZIP code 47016?

HUD's FY2027 Small Area Fair Market Rents for 47016 are $740 (studio), $840 (1 BR), $1,010 (2 BR), $1,340 (3 BR) and $1,340 (4 BR) a month.

What is the Section 8 payment standard in 47016?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 47016 that range is $909 to $1,111 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 47016?

The FY2026 income limits of the Franklin County, IN area apply: median family income $97,400, low-income (80%) limit $77,900 for a family of four.