FY2027 Small Area FMR · Farmland, IN
ZIP 47340 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 47340 (Farmland, IN) is $1,080 a month, up 8.0% from FY2026. That is 7% above the Randolph County, IN area-wide FMR of $1,014.
Payment standard range, 2 bedrooms
Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.
FY2027 FY2026
Where 47340 sits in the Randolph County, IN area
Of the 14 ZIP codes HUD lists for the area, 47340 has the 6th highest two-bedroom Small Area FMR. Randolph 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 $1,080 for this ZIP code instead.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $750 | $675 – $825 | $706 | $710 |
| 1 bedroom | $990 | $891 – $1,089 | $931 | $880 |
| 2 bedrooms | $1,080 | $972 – $1,188 | $1,014 | $1,000 |
| 3 bedrooms | $1,410 | $1,269 – $1,551 | $1,328 | $1,320 |
| 4 bedrooms | $1,420 | $1,278 – $1,562 | $1,333 | $1,320 |
A household renting a two-bedroom home at the Small Area FMR of $1,080 needs about $43,200 a year to keep housing costs at 30% of income. The area median family income is $78,100 and the 80% low-income limit for four people is $67,850. ZIP code 47340 lies mainly in Randolph County. See the Randolph County, IN county page for the full income limits table and the household check.
Nearby ZIP codes
Questions
What is the Fair Market Rent for ZIP code 47340?
HUD's FY2027 Small Area Fair Market Rents for 47340 are $750 (studio), $990 (1 BR), $1,080 (2 BR), $1,410 (3 BR) and $1,420 (4 BR) a month.
What is the Section 8 payment standard in 47340?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 47340 that range is $972 to $1,188 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 47340?
The FY2026 income limits of the Randolph County, IN area apply: median family income $78,100, low-income (80%) limit $67,850 for a family of four.