FY2027 Small Area FMR · Montpelier, IN
ZIP 47359 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 47359 (Montpelier, IN) is $1,010 a month, up 3.1% from FY2026. That is 8% below the Wells County, IN area-wide FMR of $1,102.
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 47359 sits in the Wells County, IN area
Of the 21 ZIP codes HUD lists for the area, 47359 has the 16th highest two-bedroom Small Area FMR. Wells 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 $1,102 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,010 for this ZIP code instead.
ZIP code 47359 crosses more than one HUD area. HUD also lists it under Blackford County, IN (same figures) and Jay County, IN (same figures). The figure that applies depends on which side of the line the home is.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $760 | $684 – $836 | $837 | $710 |
| 1 bedroom | $780 | $702 – $858 | $842 | $780 |
| 2 bedrooms | $1,010 | $909 – $1,111 | $1,102 | $980 |
| 3 bedrooms | $1,350 | $1,215 – $1,485 | $1,342 | $1,280 |
| 4 bedrooms | $1,560 | $1,404 – $1,716 | $1,535 | $1,560 |
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 $93,000 and the 80% low-income limit for four people is $74,400. ZIP code 47359 lies mainly in Blackford County and Wells County. See the Wells 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 47359?
HUD's FY2027 Small Area Fair Market Rents for 47359 are $760 (studio), $780 (1 BR), $1,010 (2 BR), $1,350 (3 BR) and $1,560 (4 BR) a month.
What is the Section 8 payment standard in 47359?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 47359 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 47359?
The FY2026 income limits of the Wells County, IN area apply: median family income $93,000, low-income (80%) limit $74,400 for a family of four.