FY2027 Small Area FMR · Elizabeth, IN

ZIP 47117 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 47117 (Elizabeth, IN) is $1,010 a month, down 5.6% from FY2026. That is 21% below the Louisville, KY-IN area-wide FMR of $1,276.

2-bedroom SAFMR$1,010per month ▼ 5.6%

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

Rank in the area120thof 130 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$780▼ 2.5%

1 BR$840▼ 4.5%

2 BR$1,010▼ 5.6%

3 BR$1,300▼ 6.5%

4 BR$1,500▼ 5.7%

FY2027 FY2026

Where 47117 sits in the Louisville, KY-IN area

Of the 130 ZIP codes HUD lists for the area, 47117 has the 120th 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 $909 and $1,111 for two bedrooms.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$780	$702 – $858	$976	$800
1 bedroom	$840	$756 – $924	$1,058	$880
2 bedrooms	$1,010	$909 – $1,111	$1,276	$1,070
3 bedrooms	$1,300	$1,170 – $1,430	$1,629	$1,390
4 bedrooms	$1,500	$1,350 – $1,650	$1,874	$1,590

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 $99,000 and the 80% low-income limit for four people is $79,200. ZIP code 47117 lies mainly in Harrison County and Floyd 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
40258	Louisville	5.6 mi	$1,300
47160	New Middletown	6.0 mi	$1,020
40272	Louisville	6.5 mi	$1,350
47135	Laconia	7.1 mi	$1,020
40177	West Point	7.3 mi	$1,010
47136	Lanesville	8.8 mi	$1,120

Questions

What is the Fair Market Rent for ZIP code 47117?

HUD's FY2027 Small Area Fair Market Rents for 47117 are $780 (studio), $840 (1 BR), $1,010 (2 BR), $1,300 (3 BR) and $1,500 (4 BR) a month.

What is the Section 8 payment standard in 47117?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 47117 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 47117?

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.