FY2027 Small Area FMR · Charlestown, IN

ZIP 47111 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 47111 (Charlestown, IN) is $1,150 a month, up 1.8% from FY2026. That is 10% below the Louisville, KY-IN area-wide FMR of $1,276.

2-bedroom SAFMR$1,150per month ▲ 1.8%

Area-wide 2 BR FMR$1,276Louisville, KY-IN

Rank in the area85thof 130 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,035

2 BR Small Area FMR$1,150

110% of SAFMR$1,265

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

Studio$880▲ 2.3%

1 BR$950▲ 2.2%

2 BR$1,150▲ 1.8%

3 BR$1,470▲ 2.1%

4 BR$1,690▲ 0.6%

FY2027 FY2026

Where 47111 sits in the Louisville, KY-IN area

Of the 130 ZIP codes HUD lists for the area, 47111 has the 85th highest two-bedroom Small Area FMR. Louisville, KY-IN is one of the 65 metro areas where HUD requires Small Area FMRs for the Housing Choice Voucher program (designated 2023), so local housing agencies must set payment standards from this ZIP code's figure, normally between $1,035 and $1,265 for two bedrooms.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$880	$792 – $968	$976	$860
1 bedroom	$950	$855 – $1,045	$1,058	$930
2 bedrooms	$1,150	$1,035 – $1,265	$1,276	$1,130
3 bedrooms	$1,470	$1,323 – $1,617	$1,629	$1,440
4 bedrooms	$1,690	$1,521 – $1,859	$1,874	$1,680

A household renting a two-bedroom home at the Small Area FMR of $1,150 needs about $46,000 a year to keep housing costs at 30% of income. The area median family income is $99,000 and the 80% low-income limit for four people is $79,200. ZIP code 47111 lies mainly in Clark County. See the Louisville, KY-IN metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
47163	Otisco	5.0 mi	$1,100
47141	Marysville	5.7 mi	$1,160
40026	Goshen	5.9 mi	$1,620
47143	Memphis	7.3 mi	$1,910
40059	Prospect	7.8 mi	$1,910
47172	Sellersburg	8.9 mi	$1,310

Questions

What is the Fair Market Rent for ZIP code 47111?

HUD's FY2027 Small Area Fair Market Rents for 47111 are $880 (studio), $950 (1 BR), $1,150 (2 BR), $1,470 (3 BR) and $1,690 (4 BR) a month.

What is the Section 8 payment standard in 47111?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 47111 that range is $1,035 to $1,265 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 47111?

The FY2026 income limits of the Louisville, KY-IN area apply: median family income $99,000, low-income (80%) limit $79,200 for a family of four.